Evercore FIG
Can anyone share more about what it's like at Evercore FIG?Interested in:A. Group size and how it is structured (banks, spec fin, fintech, insurance)B. Culture (people, hours, progression opportunity, etc)Have read all the recent threads about how EVR is not what it used to be and that the culture is tough. Curious to get a FIG-centric view given how successful they seem to be in the space. I keep seeing their name next to interesting and complex transactions.
Evercore splits coverage into fintech (within the tech group), insurance (seperate group) and the banks team.
The banks team is 1 SMD focused on banks, speciality finance with some fin tech collaboration. But alot of the deals are mid cap banks.
Exits out of the bank group have been solid (Berkshire / TB / other funds) but it might be pedigree of the analyst and EVR brand more than anything.
Do you know of the size and structure for the fintech and insurance groups as well? It sounds like all three are completely separate. At what point are people asked to specialize in one of these groups?Anything on culture?
Insurance - good culture historically. Lots of A-a promotes
fintech - you are within the tech group which you can read about
banks - it’s 1 SMD group so really depends how your style fits with his style.
If you are in as analyst, you dedicate immediately. Associate dedicate after 6 months or a year. Lateral are recruited directly for each of the groups.
By dedicate do you mean pick your preferred vertical within FIG ?
These are seperate groups with separate MD/VP and juniors.
Fintech is within the broader NY tech group.
I believe I interviewed with the banks SMD right around when he started there / brought over his team from UBS or wherever it was around 2019 maybe. Maybe his name was/is Tallon if I remember correctly. From what I gathered from him/his team as well as general knowledge I have of Evercore:
culture at Evercore is like a loose federation of fiefdoms. Every SMD reports to Roger basically and has their own PnL. If SMDs want to join / work together they pre-discuss how they would split the fee and take it from there. So it’s fairly siloed as every SMD is running their own business and working with another SMD only makes sense if they wouldn’t generate those revenues without partnering with them.
that said, Tannon’s team was friendly, professional, experienced and worked hard. I think they said that even Tallon (the SMD) was staying in the office until 10pm so no one junior to him ever thought of leaving before that. His speciality then was mid-cap banks which were going through a wave of M&A at the time and generating fees for investment banks.
at the time Tallon was very turned off by analysts who were not ready to commit to FIG / knew enough about the space. Also the thought of one of his analysts or juniors leaving to private equity seemed very foolish in his eyes. He didn’t seem to understand why any of the junior bankers would want to go to PE. Granted, after spending some time at EVR and given the above info on this thread, maybe his opinion on that topic has changed and he has become more open to analysts leaving for PE.
back then as well he seemed to have a fairly built out pyramid below him with a couple MDs, similiar VPs and a hodge podge of associates and analysts cranking out his work 24/7 seemingly
I hope that helps. Good luck
This is more or less correct. SMDs do collaborate and encoraged to do so accross groups.
Thanks. GL
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