Hey everyone - was wondering if anyone knows what the top EBs have done in response to the GS email. I know Moelis's response and I heard about Evercore but can't remember anything outside of protected Saturday which probably is meaningless given all the deals (anyone know what else they did). Any insight on PJT, Centerview, Lazard, etc?
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Also curious about PWP
Nothing's changed. Basically, (1) management gave a firm-wide pep talk on how much they value juniors, (2) MDs went easy on the weekends for a couple of weeks, (3) and then everything went back to 'normal'
Does anyone remember what Evercore did?
Protected Saturdays, 9pm Fri to 9am Sunday. Protected vacation. No comp increase.
Thanks, appreciate it
Don’t forget management’s nebulous promise to “share the firm’s financial achievements” at bonus time… such bullshit. If they were going to do it, they’d have done it by now.
Doesn't EVR already pay close to the top on the street?
Yes and no. EVR still pays above BBs but they used to be right up there with PJT and CVP for all in comp. Now, CVP, PJT and Guggenheim are clearly paying more and with a larger or even 100% cash component.
Considering EVR has been raking in fees and juniors have been drowning in work, it would have been a good sign that management still cares. Instead, it’s just affirmed worries within the firm that the culture is morphing into GS with the influx of senior people with GS backgrounds.
It was also disappointing because that email came on the heels of a very self-congratulatory email about how EVR just had one of the best quarters in its history.
A lot of people felt that seniors were way out of touch with what juniors actually cared about: concrete quality of life improvements that, in banking, will basically only be comp. Every group in EVR that had protected Fridays or Saturdays also has those periods consistently violated so even a firmwide mandate wasn’t really viewed as binding
I know Jefferies is not an EB, but does anyone know if they did anything besides the early peloton announcement? (e.g. protected weekends, or anything else to improve WLB)
Nothing else except hiring
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