Evercore Pulls Ahead in Junior Banker Pay as Moelis Raises

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Aug 13 2021, 1:59 AMAug 13 2021, 2:58 AMAugust 13 2021, 1:59 AMAugust 13 2021, 2:58 AM

(Bloomberg) -- Evercore Inc. is boosting its pay for first-year investment banking analysts to $120,000, putting the bank at the top of the payscale Wall Street has doled out to stem defections.

In addition to the bump for first-year bankers, second-year investment-banking analysts will get $130,000, while third-year analysts will be paid $140,000, according to people familiar with the matter who asked not to be identified discussing private information.

Moelis & Co., the investment bank founded by Ken Moelis, is also raising pay for its junior bankers. First-year analysts will be offered $110,000 and second-years will get $125,000, people familiar said. Both investment banks advise corporate and private clients on matters including mergers and acquisitions, restructurings and corporate finance.

Representatives for Evercore and Moelis declined to comment. Some of the Evercore raises were reported earlier by Insider.

The latest hikes underscore the intensity of the battle for talent breaking out amid a surge in deal flow that’s worn down young bankers enduring long hours at home. In Evercore’s case, its salary puts it ahead of levels offered across Wall Street so far -- Goldman Sachs Group Inc. and Jefferies Financial Group Inc. have increased pay to $110,000, with other major lenders offering around $100,000.