Evercore’s London juniors aren’t paid that well. Bosses are, though
Evercore’s results for 2022 were published a while ago in New York, but it’s taken its London branch a little bit longer to tell the world how its year went.
The boutique investment bank runs a number of subsidiaries out of London. The bulk of its people are part of Evercore Group Services Limited, which has 315 employees – two thirds of which are full-fledged “professional staff”, rather than “administrative staff”. Across those 315 people, the average pay (including bonuses) in 2022 was £104k ($129k). That’s… Pretty bad. Shockingly bad.
For context, when we covered Evercore’s worldwide H1 results for 2023, we found that the bank was on track to pay $628k per head this year. Whilst that’s a good bit of loot, it’s down on the $801k it paid per head in 2022 and way down on the $948k it paid per head in 2021.
Luckily, another of its subsidiaries enjoyed bigger paydays. Evercore Partners International, an LLP, had 17 staff on its payroll – 15 “professional”, and two “administrative”. These 17 people were paid "wages and salaries" of £755k ($947k) on average. That’s more on par with what we’d expect from Evercore.
That’s not all, though. Evercore also pays 53 “members” at Evercore Partners International, a UK legal term for legal partnership members, a total of £59m – or around £1.1m ($1.4m) per head - listed as "remuneration paid under an employment contract". That seems to be separate to its wages and salaries. There’s also a huge £198m ($248m) “available for discretionary division among members.”
All in all, Evercore in London seems... generous if you're a partner and predictably less generous if you're not.
How does Evercore's junior pay compare? Financial News reported last year that Evercore pays salaries of £70k for entry-level analysts, £80k for second-year analysts, and £90k for third-years in London. That doesn't include bonuses, though. Our salary and bonus guide says that analysts in investment banking in London earn an average salary and bonus of around £76k ($96k) while associates receive £119k ($149k).
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