PJT Partners, the boutique bank founded by Paul Taubman, the ex-Morgan Stanley banker, pays well, but not when it comes to salary.
In its second quarter results today, PJT Partners said it spent $310m on compensation in the six months to June 2022, up from $287m in the same period of last year. PJT Partners employed 840 people in the first half of this year, implying average compensation per head of $369k for six months, or $738k for the year as a whole.
PJT is obviously generous. But its generosity isn't necessarily manifested in terms of salary. The H1B visa database indicates that some managing director (MD) salaries at PJT Partners in New York City are $260k, that associates are earning salaries of up to $160k, and that analysts are mostly on $100k to $146k. The implication is that bonuses at PJT can be at least twice as large as salaries. At Goldman Sachs, by comparison, MD salaries are $400k (although many PJT MDs are understood to be on similar amounts).
Taubmann said in April that PJT is a "destination for talent" and that it would continue hiring as a "growth company." It's since added 10 people. In strategic advisory alone, partner headcount went from 55 at the end of 2021 to 64 in Q2. Revenues rose 7% in the first half of the year, to $479m, although there was a 3% year-on-year decline in Q2 as advisory revenues slowed.
There are indications that PJT Partners' senior bankers are working hard for their money. Today's results revealed that spending on travel was $11.1m in the first six months, compared to just $2.2m last year.
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