Evercore CEO Expects Banker Pay to Decline Across the Industry
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Evercore Inc. Chief Executive Officer Ralph Schlosstein expects pay for rainmakers to be lower by the end of 2020 not just at his firm, but for the whole banking industry.
Compensation across the board “will come down consistent with the weakness in revenue that I think everyone anticipates,” Schlosstein said on a conference call Wednesday discussing Evercore’s first-quarter results. The pace of hiring bankers throughout the industry also will decline, he said.