Evercore will almost certainly pay its people over $1m this year
Traditionally, after Q2 reporting season for the big American banks comes a lull, and then the US boutique banks start to post. Lazard, which fancies itself an asset manager recently, was last week. Now is the other big daddy: Evercore.
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Evercore’s topline figures were very decent. Q2 of 2026 revenue was up 19% on Q2 of 2025, and combined with a monstrous Q1, revenue for H1 was up 56% on the first half of 2025. Q1, Q2, and by extension H1 were all all-time highs for the bank.
Evercore's performance was good, but hardly best of class. Banks such as Bank of America, Morgan Stanley, and Barclays are all doing better on a quarter-on-quarter and half-on-half basis.
Pay was also up, but not dramatically. After Q1, our napkin math suggested that Evercore would be on track to pay $1.7m per person at the end of 2026. Now, it’s more in the $1.2m ballpark. The reason for the downgrade is simple: banks do not accrue bonuses (and therefore compensation) at an equal rate across the year. Good quarter, good bonuses. Q1 was a great quarter for Evercore, but Q2 was not spectacular.
Evercore paid its 2,715 people an average of $234k across Q2 of 2026, and $564k per head across H1 as a whole. That was up on the $223k and $411k it paid its 2,455 people on average in the same periods across 2026.
Headcount was relatively flat across Q2. Evercore hired roughly 80 people, an increase of 3%, and seven senior managing directors (SMDs), also an increase of 3%.
Evercore noted that four SMDs had joined the bank since its Q1 earnings call: Chris Connelly and Eric Rabinowitz from JPMorgan, Clay McCoy from Campbell Lutyens, and Dennis Cornell from Apollo. Presumably the last three “new” SMDs are internal promotions.
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