Evercore cut pay by just 8% last year and continued to add senior dealmakers, showing boutique investment banks' relative resilience to an M&A slump that has forced larger rivals to strip out costs.

The boutique investment bank made $2.4bn in advisory fees last year, a 13% decline on a year earlier, while overall revenues slipped by 16% compared to 2021. The bank said in a statement that 2022 was its second best ever year — behind 2021 — and that it is still hiring senior dealmakers this year.