Evercore paid its people almost $1m per head in 2025
After the big US banks reported back in January, America’s boutique investment banks have started publishing their Q4 2025 results. PJT yesterday did great, and Evercore today did even better – and was more generous with the purse strings.
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Net revenue and income at the firm shot up by 29% and 53% to $3.8bn and $641m respectively, which founder and chairman Roger Altman noted was a record. The firm’s market share was also at an all-time high.
The firm also added people last year. Headcount went from 2,380 at the start of 2025 to 2,570 by the end of the year, an 8% increase. And average pay also went up by 17%, from an already impressive $829k across 2024 to an eye-watering $973k across 2025.
That increase was partly related to who joined the bank. The number of senior managing directors (equivalent to MDs at a normal bank or Partners at other boutiques) in investment banking & equities went from 184 to 210, a 14% increase.
Although the bank itself admitted that the “senior new hires” helped to pump up the wage bill in Q4, it wasn’t the only reason. Accrual of “incentive compensation”, that is to say bonuses, and “higher base salaries” also contributed to the increase across Q4 and the year as a whole. Evercore’s bankers will be eating well this bonus season.
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