Moelis, Evercore Pay Costs Rise at Least 23% in Talent Battle

Investment banks including Moelis Co. and Evercore Inc. spent even more last year to pay employees as a competitive recruiting environment collides with a dealmaking boom that lifted revenue.

“The recruiting environment is heated up a lot, and it’s very intense and it’s very competitive,” Evercore Chief Executive Officer John Weinberg said on an earning calls Wednesday. “There is no question that getting people to move is harder than it was two years or three years ago.”