- Piper Sandler got strong growth on pretty limited compensation growth compared to competitors.
- Almost all the growth is driven by investment banking due to the M&A boom and PE-driven strength in advisory.
- Overall, the focus on advisory is attractive since it is more likely to be resilient when consolidation trends driven by easy money hits its peak.
- Piper Sandler is an OK deal, but more respected peers are commanding premiums.
- We still think the Jefferies is the most attractive investment bank, and PJT is the most resilient for the price.
For further details see:
Piper Sandler Gets Good Growth On Human Capital, A Decent Deal