Boutique investment bank Evercore cut banker compensation by nearly 30% in the third quarter as dealmaking fees slumped in line with a broader slowdown.

The bank paid out $355.8m in compensation during the third quarter, a decline of 27% as it put less money aside for bonus payments. Evercore's compensation costs hit $1.2bn for the first nine months of 2022, a fall of 5%, with average payments slipping to $543,750 in 2022 from $661,353 for the same period last year.