CEO describes recruiting in this area like 'wildcatting in Texas'

Oil Barrels

'You drill a bunch of holes and you can have a bunch of dry holes or you can hit a couple of active wells'.

Evercore Partners CEO Ralph Schlosstein, who has been hiring dealmakers from larger rivals, compared his boutique bank’s talent search to the hunt by speculative ventures for oil.

'It’s a little bit like wildcatting in Texas', Schlosstein said of recruiting, during a conference call with analysts Wednesday. 'You drill a bunch of holes and you can have a bunch of dry holes or you can hit a couple of active wells'.

Bloomberg News reports that Evercore has been hiring from banks including UBS to boost its private capital advisory business, and Barclays for wealth-management.

The firm has said that 2015 has been an especially strong year for recruiting, as it added 10 senior managing directors in the advisory business. Dealmakers from JPMorgan and Goldman Sachs have been among the firm’s recent hires.

To access the complete Bloomberg News article hit the link below:

Evercore Likens Banker Recruiting to ‘Wildcatting in Texas’

Barclays McFarlane Expected to Signal Aggressive Cuts, Citi Says

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts