Moving to a new bank to receive the coveted title of “managing director” (MD) is rarely a hard sell. Making that same move to a boutique bank that paid seven figures on average last year? Presumably even easier.
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Bohong Yang joined Perella Weinberg Partners’ (PWP’s) global industrial team yesterday, covering capital goods, industrial technology, and diversified industrials. He joined PWP from Lazard, where he spent 12 years across its New York, London, and Chicago offices. Yang was a director at Lazard; he is now an MD at PWP.
A promotion is usually worth the move in and of itself, and boutique banks are appealing destinations to move to in general, but PWP might be the most appealing bank in the market right now. While Lazard’s total compensation spend decreased by 19% in Q1 this year compared to last year, PWP’s increased by 29%.
That was partly due to differing revenues in the first quarter (Lazard down, PWP up), but PWP has in recent years been rather spirited with pay: we called its pay strategy “insane” when its compensation ratio (the percentage of revenue spent on paying people) reached 113%. That insanity, and generosity with titles, acts as a big draw for bankers looking for new jobs, clearly.
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