PJT Partners cut pay?
Is anyone able to confirm this and what do you all think about this if it’s true. Would love to hear from anyone at PJT.
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Complete nonsense
They had 2 bad quarters in a row, missing on revenue by a decent amount. Looks like they decided to bite the bullet and still pay 65% comp ratio. My guess is comp is flat to down compared to 2021, probably down since per MD revenue did drop a bit.
Frequently on this forum, certain boutiques get hot or cold and all of a sudden its "CVP/EVR/PWP", "PJT/EVR", "EVR/MOE/LAZ." The smaller the boutique the more variable the income stream. This is pretty true across all pure advisory shops. PJT and Moelis are similar sizes when it comes to headcount and revenue. PJT killed it in 2020, Moelis dusted them in 2021. Usually how the firms compare on compensation can be drawn back to revenue targets and comp %'s. PJT/MOE/PWP/GHL are all pure IBs and are more variable than LAZ for example because LAZ has a large asset management division. EVR is mostly IB but does have EVR ISI, an equity research arm.
TLDR: from the outside looking in PJT kept headcount flat but compensation expense dropped. Means somebody got hit. Maybe not junior bankers but someone made less than 2020. Just the math.
Likely the RX seniors got a significant comp haircut. Most of the drop in advisory revenue was likely from RSSG considering RX dealflow declined significantly in 2021 compared to 2020.
Eh, you're right but EVR/CVP seem unusually steady compared to the rest of the EBs. EVR's dealflow is institutionalized now and CVP just owns large-cap pharma.
RSSG got paid less and rightfully so, record 2020, lackluster 2021
M&A had record revenue/ pay, AS1s in the mid 400s and VP1s in the 700-800k range
Per the latest earnings transcript, the massive decline in RX caused Firm revenue to be lower YoY despite record revenue across M&A, CV and Park Hill
Analysts, asso and VPs stayed at top levels. Seniors in RX got a cut
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