An Investment Bank That’s Actually Hiring
Boutique investment bank Evercore Partners had a record-setting 2012, setting the firm up to add talent in the coming year while larger rivals cut staff.
The New York-based advisory firm shocked Wall Street by doubling to $195.5 million its investment banking revenue in the fourth quarter of 2012, compared to the previous year’s Q4, and earning advisory fees from 169 clients, up from 127 in the same quarter a year ago. Evercore saw its profit for the year jump 265% from 2011.
Unlike other U.S. investment banks that booked strong end-of-year results, Evercore will invest its newfound cash in employee compensation and fresh talent. The firm plans to hand out larger bonuses and continue to add to its headcount, which rose from 357 in 2011 to 391 at the end of last year, according to Financial News.
“In 2013 we see a number of opportunities to add senior managing directors and we expect to add additional talent during the year,” Ralph Schlosstein, president and chief executive officer of Evercore, said on an analyst call.
Evercore declined to provide additional comment on their hiring plans. The firm doesn’t advertise specific positions on its website, but is accepting applications for interns, analysts, associates and experienced hires within its investment banking division in the U.S. and in Europe.
Evan Greenberg, the chief executive officer of Ace Ltd., agrees with some analysts on the usefulness of forecasting results. “My god, why are we doing guidance?” he asked on an analyst call.
David Silbert, the commodities chief at Deutsche Bank, has been replaced by two new co-heads: Louise Kitchen, the former global head of commodities structuring and sales at Deutsche Bank, and Richard Jefferson, its ex-head of commodity sales.
Hidden Costs (Business Insider)
Working on Wall Street provides – and demands – a good living. Employment in the financial sector comes with a number of hidden costs.
A Day in the Life (Business Insider)
What’s it like working on a Wall Street trading floor? Staring at seven different monitors, screening phone calls and never getting to go to the bathroom.
U.N. Seeks Deputy Chief (Financial News)
Have experience running a pension fund? The United Nations is seeking new deputy chief executive to help manage its $46 billion staff pension fund.
Victim, Not a Co-Conspirator (WSJ)
Russell Wasendorf Jr., the son of the disgraced chief executive of Peregrine Financial Group, Russell Wasendorf Sr., says he’s a victim of his father’s fraud. The son alleges of his father: “His poor choices ruined my reputation, fractured my marriage, separated me from my oldest son and close friends, many of which I worked with and knew their families and goals."
Buzz Around the Office
Ready for Processing (Maui Now)
A Hawaii woman was arrested this week for breaking into – not out of –a Maui police station. She fell through the ceiling, landing on the floor of the prisoner processing room, where she was immediately processed.
List of the Day: Sleep Tips
A good night’s rest is critical to performing well the next day. Here are three tips to getting deeper into your REM cycle.
- Keep a consistent sleep schedule.
- Keep your bedroom cool – between 60 and 66 degrees.
- Avoid light before bed, including TVs and computers.
