How Evercore is wooing its junior bankers to stay ‘long-term’ with early promotions and $70,000 in bonuses just for sticking around
Evercore's program appears to be an effort to counteract that, especially as Wall Street banks experience their worst layoffs since the Great Recession while private equity firms remain flush with cash.
At the same time, boutique banks tend to be more supportive of this migration than their bulge bracket counterparts, in part because they don't have as much room for upward mobility. But it can be expensive to lose talented juniors. One person familiar with the announcement said Evercore's program might be a way to save resources on recruiting.
Only current second-year analysts are eligible for the new"accelerated path." If accepted, the participants would spend July through December as senior analysts, then become associates as of January 1, 2024. For those who are already third-year analysts and on track to become associates this summer, the email said that Evercore will revisit the matter."We will continue to assess current Senior Analysts eligibility for promotion to Associate 1 this July."
The email said there would be more details to come when they"formally roll out the next round of the promotion process later this month," noting that"promotion decisions will be made by Advisory leadership and factors such as analyst performance, firm headcount and group headcount will be considered."Subscribe to push notifications
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