Evercore to cut bankers pay by 8%

The average rewards to Evercore employees have decreased as the bonus pool has diminished.

Evercore reduced compensation by only 8% last year and continues to hire senior dealmakers, demonstrating the relative durability of boutique investment banks in the face of an M&A downturn that has caused larger competitors to reduce expenses.

Last year, the boutique investment bank earned $2.4bn in advising fees, a 13% decrease from the previous year, while overall revenues decreased by 16% compared to 2021. The bank stated in a press release that 2022 was its second-best year ever, behind 2021, and that it will continue to hire senior dealmakers in 2019.