Boutiques are enjoying big revenues and stacking up on bankers & geologists
Boutique banks have been having a pretty good 2024 so far, with Evercore and Moelis in particular recording spectacular revenue increases. As a consequence, they’ve been hiring – both from each other and from Wall Street.
Get Morning Coffee ☕ in your inbox. Sign up here.
The biggest poach was done by PJT Partners, despite being one of the boutiques with with more mixed results Q2 results. It picked up Orlando Knauss, Bank of America's vice-chair of industrials banking and formerly Credit Suisse’s global head of the sector.
Knauss joined PJT as a partner; he is, if not the first, one of the very first to join the boutique’s partnership this year after quite prodigal hiring last year, with five joining in H1 of 2023 alone.
Two other bankers, meanwhile, joined Moelis – Travis Call and Ankit Dalal. Call spent nearly three years at Citi – and five at Jefferies before that – before joining Moelis a few weeks ago. Dalal was an MD in Evercore’s restructuring team for four years before leaving. They’ve joined Moelis as Chief Geologist in Houston and a restructuring MD in New York, respectively.
Boutiques had a good half of 2024, but it’s nothing compared to some of the stratospheric numbers posted by the bulge bracket banks. It helps that the boutiques weathered the storm that was 2023 a bit better than most, and therefore had a higher baseline to spring from. With revenues seeming poised to continue recovering in 2024, stacking up on dealmakers (and geologists, apparently) seems logical... Market wipeouts permitting.
Have a confidential story, tip, or comment you’d like to share? Contact: +44 7537 182250 (SMS, WhatsApp or voicemail). Telegram: @SarahButcher. Click here to fill in our anonymous form, or email editortips@efinancialcareers.com. Signal also available.
Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)
