Evercore might be on track to pay $873k this year
Historically boutique bank Evercore always paid very, very well. More recently, tough times for the industry have meant that it's only paid very well. Now, it seems, things might be so back.
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Evercore Q3 results came out today, and things are looking up. Net revenues were up 29% in this year’s Q3 compared to 2023’s, and were up 22% in the first nine months of 2024 compared to the same period of 2023.
Evercore is compensating its people proportionally. Average pay per head in the quarter was $204k across the firm’s 2,395 employees, a 16% increase on the $176k paid per head (to 2,230 employees) in the same quarter of 2023.
Evercore's nine-month pay figures were almost as extravagant. The bank has paid an average of $558k per head so far this year. This time last year, the equivalent was $492k per head.
Evercore, therefore, is on track to pay bigly – somewhere in the range of $850k per head when the year wraps up. That number comes from our observation that Evercore accrues somewhere around 40% of its bonuses in Q4.
If our estimate is correct, Evercore is therefore on track to pay more in 2024 than both in 2023 and 2022.
The increase in revenue at the bank likely has something to do with all that hiring it’s been doing. Roger Altman, founder and chairman, credited the new faces directly: “continued”, “aggressive”, and “bearing fruit”. New recruits included David Kamo, a Goldman Sachs partner who joined as head of financial sponsors M&A, as well as Stephen Withnell, also a former Goldmanite.
And there seems to be no indication that hiring is slowing down. The bank added 65 new heads during Q3, although the “real” number of new faces is somewhat obfuscated by an influx of interns. The senior managing director (SMD) population (which, obviously, contains no interns) went up from 184 to 186 from Q2 to Q3, of which 143 and 145 were investment banking SMDs.
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