What is happening to EVR

Companies want to grow and water is wet. Like seriously, what'd you think would happen? EVR wants to be a legit competitive bank outside of just a specialized IB player and they are taking great steps to accomplish that. It sucks massively for the analysts at the firm because diluted experience and lower bonuses, but makes a ton of sense for the broader bank to pursue growth in faster growing segments. Advisory is a much worse business model than WM fundamentally given the recurring nature of revenue. Yes EVR will never compete with any of BOFA, UBS, MS, JPM, etc. but they don't need to. If they are even able to accomplish a decent sized WM business, that's a ton of recurring revenue that they have not as tied to the whims and booms/bust cycles of the advisory business. 

Btw, the whole WM thing for EVR seems like a pipedream. No real advantage against the big players, and the big players have way more capital to invest. Citi is trying to crack the WM market and is still pretty far away from GS/JPM, let alone competing with BOFA/MS/UBS globally, and Citi is genuine global player with much more capital to invest.