Evercore turns to Goldman Sachs royalty for new chairman

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In a statement on November 16, Evercore said that John S. Weinberg had joined as chairman of the board and also its executive chairman.

Weinberg is a former co-head of investment banking at Goldman Sachs, where he spent around 30 years and served blue-chip clients including Ford, General Electric and Boeing.

The Weinberg family has a long history with Goldman Sachs. John S. Weinberg’s late father, John L. Weinberg, ran the bank between 1976 and 1990. His grandfather was the legendary Goldman Sachs banker Sidney James Weinberg, while his cousin Peter A. Weinberg co-founded the Wall Street adviser Perella Weinberg Partners.

Roger Altman, Evercore’s founder and executive chairman, will now become senior chairman. Both Altman and Ralph Schlosstein, Evercore’s president and chief executive, will remain on the board.

In a July 2010 interview with the FT, Schlosstein said Evercore was creating a “throwback firm” akin to the way the likes of Goldman Sachs and Lehman Brothers had operated in the late 1970s and early 1980s, when firms ran less universal banking models.

In a statement announcing Weinberg’s appointment, Schlosstein said there was “no adviser more respected by clients around the world” than Weinberg, adding that he would be working with him to make Evercore “the one, truly elite global advisory firm”.

Weinberg joined Goldman Sachs in 1983 and was made partner nine years later. His senior roles at the Wall Street bank included co-head of investment banking in the Americas and, between 2002 and 2014, co-leading global investment banking. At the time of his departure in 2015 he was vice-chairman.

His arrival marks a change for Altman, who founded Evercore in 1995. Before that he had held senior roles in the US Treasury as well as industry roles including head of the advisory business at Blackstone and co-head of investment banking at Lehman Brothers.

2016 has so far been a fruitful year for the firm. Evercore has advised on M&A deals worth $ 282.9 billion globally, according to the data provider Dealogic. This figure is up almost 10% year-on-year and puts Evercore on the cusp of making the world’s top 10 M&A advisers.

Among its big wins in 2016 are roles advising San Diego chip maker Qualcomm on its $ 47 billion deal to buy NXP Semiconductors of the Netherlands, and Centurylink’s $ 25 billion bid for Level 3 Communications. In late October, Evercore reported that net revenues rose 25% year-on-year in the third quarter to $ 383.5 million.

On November 14 it emerged that Evercore was advising the New York-listed cosmetics giant Estée Lauder on its $ 1.45 billion bid for Californian makeup brand Too Faced Cosmetics – by far the largest takeover in Estée Lauder’s history. Evercore is advising Estée Lauder alongside investment bankers at BNP Paribas, which has worked with the group on a number of acquisitions in recent years. Goldman Sachs and Jefferies are advising Too Faced.

Schlosstein is among the bankers involved.

Additional reporting by Lucy Burton

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