Wall Street firm Evercore Inc offers incoming junior bankers $25,000 to delay their start date by a year or $15,000 to delay until January due to the coronavirus crisis
- Evercore Inc will offer $25,000 to incoming junior bankers to defer their start date by a year and $15,000 to defer until January, according to recruiters
- Paying staffers to defer officially starting their jobs hasn’t been seen since the last financial crisis
- Evercore Chief Executive Officer Ralph Schlosstein has said the firm would be negatively affected by the economic decline ‘for some period of time’
- Evercore previously announced it would cut about six percent of its workforce after it conducted an operations review earlier this year
- Here’s how to help people impacted by Covid-19
Evercore Inc will pay incoming investment bankers $25,000 to delay their start date for a year due to the coronavirus crisis.
The investment bank made the handsome offer to its junior bankers who defer for a year and offered a $15,000 payment to defer until January, according to external recruiters as per the Wall Street Journal.
Evercore is yet to comment on the plan for incoming staffers.
Paying staffers to defer officially starting their jobs hasn’t been seen since the last financial crisis.
Evercore Inc will pay incoming investment bankers $25,000 to delay their start date for a year due to the coronavirus crisis. Evercore Chief Executive Officer Ralph Schlosstein (above) has said the firm would be negatively affected by the economic decline ‘for some period of time’
In 2009 when banks saw record losses and laid off employee, thousands of college graduates we headed for Wall street were paid to delay their start dates.
While banks aren’t in financial distress this time, banks are bracing for a decline in deal making due to the coronavirus crisis’ impact on the economy.
Evercore specializes in advising companies on mergers, fundraising and other transactions.
Evercore Chief Executive Officer Ralph Schlosstein has said the firm would be negatively affected by the economic decline ‘for some period of time.’
In the financial fallout from the virus Evercore announced it would cut about six percent of its workforce after it conducted an operations review earlier this year.
The bank says it expects pay for dealmakers to be lower by the end of 2020, as per Bloomberg.
Offices and banks in Wall Street have been empty since March as New York City was shut down to prevent the spread of the contagious virus that has infected more than 202,319 and killed over nearly 17,000. Empty Wall Street pictured May 28
Offices and banks in Wall Street have been empty since March as New York City was shut down to prevent the spread of the contagious virus that has infected more than 202,319 and killed over nearly 17,000.
Typically junior employee join banks and financial firms every summer of fall by the thousands and typically spend two years learning the basics of the industry.
While no bank has rescinded offers in bulk, many are adopting their onboarding systems to be virtual.
Summer internships will also be online-only.
Consulting firms such as McKinsey and Accenture, which also pull from similar pools of students as Wall Street banks, have delayed start dates for their fall hires.