A small and highly-profitable dealmaking firm just claimed bragging rights in the most Wall Street way possible
The firm has hired John Weinberg, part of a Goldman Sachs dynasty, to be executive chairman. It has added a head of activist defence, made hires in Europe, and the share price is up almost 30% in the last 12 months.
And in a presentation on Tuesday at the Goldman Sachs financial services conference, Evercore CEO Ralph Schlosstein claimed bragging rights in the most Wall Street way possible:
Our top staff make more money than yours.
In a presentation setting out the firm's goal to become "the most elite independent investment banking advisory firm globally," Schlosstein said that productivity per advisory senior managing director is now ahead of the average productivity of all of its public independent peers.
The firm has 81 advisory senior managing directors, and they generated $13.3 million per person on average for the last twelve months ending the third quarter 2016. For comparison, the full-year high is $14.8 million, which the firm achieved in 2007.
The set of public independent peers that Evercore is comparing itself to doesn't include Centerview, which may well give it a run for its money. Still, it's quite a statistic.
Evercore
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- India Inc marks slowest quarterly revenue growth in January-March 2024: Crisil
- Nothing Phone (2a) India-exclusive Blue Edition launched starting at ₹19,999
- SC refuses to plea seeking postponement of CA exams scheduled in May
- 10 exciting weekend getaways from Delhi within 300 km in 2024
- Foreign tourist arrivals in India will cross pre-pandemic level in 2024
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market