Evercore is bumping pay for next summer’s incoming associates to $185,000

A new round of pay raises at Evercore means the firm is now leading the market when it comes to associate pay.

The investment bank sent out offer letters for next year’s first-year associates, who will now make $185,000 in base pay, according to two people familiar with the matter. Insider also reviewed the offer letter that stated the new rate, which was first posted by the financial Instagram meme account Litquidity.

A spokesperson for Evercore did not respond to requests for comment.

The two people familiar with the matter, who declined to be identified so that they could discuss private matters, said there’s been no news about whether and when current associates will have their pay raised. First-year investment-banking associates at the firm currently make $160,000 in base pay, the people said.

The $25,000 bump for associates comes weeks after Evercore raised pay for first- and second-year analysts to $120,000 and $130,000, respectively, Insider first reported. Days before the raises, the firm sent out offer letters to summer 2022 hires that contained information about the increased salaries, but the news wasn’t communicated to current analysts at the time, the people said.

The raises make Evercore’s junior bankers some of the highest-paid on the Street, where the going rate for first years has become $100,000 thanks to recent increases at firms like Lazard, Morgan Stanley, UBS, Deutsche Bank, PJ Solomon, Barclays, and JPMorgan.

Evercore is now also out in front when it comes to associate pay, which during a slew of pay raises for junior bankers across Wall Street has been bumped to $175,000 at firms like Wells Fargo, UBS, and PJ Solomon.

At Goldman Sachs, the firm this month raised first-year associate base pay to $150,000, Insider first reported.

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