Investment bank Evercore to pay new bankers to delay hiring start date

Investment bank Evercore to pay new bankers to delay hiring start date
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BOSTON (Reuters) – Investment bank Evercore Partners is taking an unusual step and telling its incoming analysts that it will pay them as much as $25,000 if they postpone their start date until the middle of next year, according to people familiar with the matter.

The New York-headquartered bank has reached out to dozens of recent college graduates who received offers to join the first-year investment banking analyst class in a few weeks to inform them about the offers, one of the people said.

Evercore is proposing two options: postpone the start date until January 2021 and receive a payment of $15,000 or wait a full year and start in July 2021 and be paid $25,000, one of the sources said.

The bank declined to comment.

The Wall Street Journal first reported the news.

The offer, which is said to be the first of its kind where a Wall Street bank is offering cash for people to stay away for a while, comes as much of Wall Street has been working from home to help stop the spread of the deadly coronavirus outbreak.

It also comes at a time when U.S. unemployment claims have surged past 40 million during the pandemic and many big employers ranging from Boeing to Uber Technologies are cutting their workforces as the country braces for a deep recession.

Source: Reuters

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