Market Overview

Investment Bank Offers $25,000 To Fresh Hires Not To Start Working This Summer

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Investment Bank Offers $25,000 To Fresh Hires Not To Start Working This Summer

Evercore Inc. (NYSE: EVR) is offering cash payments to recent college graduates it offered to hire if they delay their joining, the Wall Street Journal reported.

What Happened

The investment banking firm will pay up to $25,000 to any recent college graduate analyst who will join the bank next summer instead of this summer, according to the Journal.

Those who prefer to join earlier, in January, can still get $15,000, the Journal reported.

The unusual move comes in the wake of novel coronavirus (COVID-19) pandemic, which has severely impacted the financial world.

Evercore specializes in mergers and acquisitions, public offerings, and other financial advisory, the demand for which has come to a halt due to the pandemic.

According to the Journal, the last time banks paid new hires to delay their start date was in the aftermath of the global financial crisis of 2008.

Other financial advisory giants, including Boston Consulting Group and McKinsey & Company, have also delayed the start dates of their hires, as the Journal had reported earlier, but are not known to have made a similar offer. With this move, Evercore plans to ensure that the prospective employees remain committed to the company.

Evercore Price Action

Evercore shares closed 6.5% higher at $61.79 on Wednesday.

 

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