If you miss promotion to managing director (MD) in an investment bank this year, it's ok. You could move to Evercore.
As we reported last month, Evercore is bulking up its London office. It's increased headcount by 10% this year according to the FCA Register, and it's hiring still. Among its newer hires is Stefano Galli, who joins as a managing director in global equity sales.
Galli previously spent four years as a director in global equities research sales at Bank of America Merrill Lynch in London. By moving to Evercore, he's achieved promotion to MD - a rare occurrence in today's job market. His move comes as banks and boutiques struggle with the MifID II requirements that clients pay separately for research. As a research sales specialist, Galli will be there to help Evercore increase the penetration of its research product.
He isn't the only senior hire at Evercore. The bank has also recruited John S. Weinberg, former co-head of investment banking at Goldman Sachs, as chairman of the board.
Evercore's recruiting in London despite a weak year for European investment banking revenues. Figures from Dealogic show equity capital markets (ECM) revenues fell 40% this year, while overall European investment banking revenues are down 16%.
Nonetheless, big boutiques like Evercore are still hiring - and sometimes promoting. Greenhill recruited Charles Pontvianne from Rothschild, elevating him from analyst to associate. Centerview Partners recruited Stuart Johnston as its CFO. Johnston was formerly CFO for the Americas at Dresdner Kleinwort, but left in 2010.