ECONOMY

Evercore Boosts Banking-Associate Salaries Amid Fight for Talent

Evercore Inc. is increasing base salaries for its banking associates in their first through fourth years in the roles, the latest lift in compensation amid a battle for talent on Wall Street.

The boutique investment bank raised its base pay for first-year associates to $185,000 from $150,000, according to people with knowledge of the plans. Second-year associates were raised to $200,000, while third-year will receive $225,000 and fourth-year $250,000, said the people, who asked not to be identified discussing a private matter.

A representative for Evercore declined to comment. 

The salary increases, which were communicated internally, comes after the firm raised base pay for its investment-banking analysts last month. Evercore boosted salaries for first-year investment-banking analysts to $120,000, putting the firm at the top of the pay scale for junior talent on Wall Street. 

It typically takes two to three years to go from an analyst to associate role at an investment bank such as New York-based Evercore. Most analyst programs lead to associate-level offers, though there’s variation based on the individual and group.

The latest pay increases reflect the banking industry’s wider attempt to reward and retain staff beyond lower ranks. As dealmaking has surged to record levels during the pandemic, work has piled up, weighing on staffers, many of whom are stuck at home.

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