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Evercore cuts pay by 8% as dealmaking fees hold up amid slump
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fnlondon.comEvercore cut pay by just 8% last year and continued to add senior dealmakers, showing boutique investment banks' relative resilience to an M&A slump that has forced larger rivals to strip out costs.
The boutique investment bank made $2.4bn in advisory fees last year, a 13% decline on a year earlier, while overall revenues slipped by 16% compared to 2021. The bank said in a statement that 2022 was its second best ever year — behind 2021 — and that it is still hiring senior dealmakers this year.
However,...
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