Evercore, the boutique bank, is one to watch on Wall Street.
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.
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.
Het bericht A small and highly-profitable dealmaking firm just claimed bragging rights in the most Wall Street way possible verscheen eerst op Business Insider.