Evercore just bumped its base compensation for junior bankers to make it the top-paying investment bank for first- and second-year analysts.
Current first- and second-year investment-banking analysts were told internally on Tuesday that their base salaries would go up to $120,000 and $130,000, respectively, three people familiar with the situation told Insider. It was not clear when the raises would take effect or whether they would be backdated.
It was also not clear what their previous base comp was, but these raises position Evercore as Wall Street's top payer for juniors among its investment-banking peers.
A spokesperson for Evercore declined to comment.
Insider first reported that Evercore told incoming 2022 first-year investment-banking analysts they would earn $110,000 in base comp and a $15,000 start bonus, according to two people familiar with the situation and an offer letter that Insider reviewed.
It is unclear whether Evercore will upgrade their incoming analysts to the $120,000 level that current analysts are set to earn.
There has been a series of pay raises for junior bankers across Wall Street that dates back to the spring. Goldman Sachs, HSBC, and Lazard all announced pay bumps for analysts and associates.
At Lazard, Morgan Stanley, UBS, Deutsche Bank, PJ Solomon, Barclays, and JPMorgan, entry-level investment bankers now take home $100,000 in base pay.
William Blair is paying first-year analysts $110,000, and Goldman is paying first-year analysts at least $110,000.
