On the joys of working for a Lazard or an Evercore

When Lazard announced its annual results this time last year, it made an interesting observation: vice chairman Steven Golub said it was being 'inundated with CVs.'

Following yesterday's announcement of its results for 2009, it may be clear why.

As the Financial Times notes, while all other banks have been delaying payments this year, Lazard has been speeding them up: deferred cash payments have been eliminated and the payment of the deferred cash it awarded last year has been accelerated.

Ken Jacobs, the new chief executive, told the FT they're taking, "no risks that threaten our firm. Without question, the kinds of things we've done position us competitively to attract and retain great people."

Jacobs' comments echo those of Jefferies chief executive, Richard Handler, who told the Wall Street Journal last month that he could pay his people, "what they deserve to be paid...We are only beholden to our shareholders."

All of which, is a far cry from the likes of Bank of America Merrill Lynch, where anyone earning more than $5m will receive only 5% of this year's bonus in cash.

It may also help explain why, despite the revival in banks' fortunes and their hiked salaries, established independent firms like Lazard, Jefferies and Evercore remain popular as employers.

Strategic expansion in Europe is a priority for Evercore

Evercore also announced its fourth quarter results yesterday. In the process, it reiterated its intention to expand in ECM and to hire people in Mexico, Brazil and Europe, with expansion in Europe a key area of strategic focus.

Such expansion may not be difficult to achieve. It seems the CVs simply pour through Evercore's doors: CEO Ralph Schlosstein said they've already been approached by 30 'noted analysts' and salespeople who want to work in the new ECM business alone.

A senior figure at a rival independent investment bank in London told us this may be something of an exaggeration and that although they're also getting plenty of CVs from big investment banks, they're not being deluged with them.

In any case, bulge bracket bankers' appeal to independent investment houses may be waning. Evercore's Schlosstein also made another interesting observation yesterday: the ever-increasing proportions of deferred stock paid in bonuses at large banks are making their staff increasingly expensive to employ.