The elite boutique that pays $800k, is hiring wildly & cares about wellbeing

efinancialcareers.com:

If you're looking for the optimal place to work in investment banking now, PJT Partners would like to put itself forward.

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The elite boutique, which announced its fourth quarter results today, paid its average person even more for 2023 than we predicted in October. Back then, it seemed that PJT might pay anaverage of $762k. In fact, it paid its 1,000 employees an average of $805k last year.

At the same time, PJT has once again added various employee testimonials to its investor presentation. Enthusiastic employees say they're doing the «right thing» for clients and the firm, that there's a culture of «collaboration and respect», a «spirit of excellence» and «a very strong culture of respect…diversity, inclusion, [and] wellbeing.» 

It all sounds very fine indeed, and there's no mention of PJT's historic reputation for 80 hour weeks, or of the time that somewhere there sent an email asking why juniors weren't responding at 3am. 

People who want to join PJT's throng of thrivers will be pleased to hear that it has a long history of hiring and that its hires have a long history of paying off. 

The charts below, taken from today's presentation, illustrate the benefit of adding bodies at the boutique, although the increase is not proportionate.  In the past eight years, PJT has increased headcount 187% and increased client numbers 82%. 

Advisory partners have gone from 18 to 73 over the same period, and 20 of those new partners have been on the platform for less than two years and are still getting up to speed.

Revenues at PJT rose 12% last year. Pre-tax income, however, fell 12%.

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