Evercore hires veteran funding banker Bergstein from Morgan Stanley -sources By Reuters

© Reuters. FILE PHOTO: An indication is displayed on the Morgan Stanley constructing in New York U.S., July 16, 2018. REUTERS/Lucas Jackson/File Picture

By David Carnevali and Mike Stone

NEW YORK (Reuters) -Evercore has employed veteran Morgan Stanley (NYSE:) banker Seth Bergstein as a senior managing director to drive dealmaking within the international companies sector, folks acquainted with the matter stated on Wednesday.

Bergstein, who served as head of Morgan Stanley’s international companies group for about twenty years, held the title of vice chairman of funding banking previous to his departure from the financial institution.

He began his profession on the Wall Avenue financial institution within the late Nineteen Eighties as a monetary analyst and briefly joined Goldman Sachs (NYSE:) in 1991 earlier than returning to Morgan Stanley, in keeping with his LinkedIn profile.

Bergstein’s exit is the newest in a flurry of government strikes from massive banks to boutique companies and comes at a time of a slowdown in mergers and acquisitions (M&A) exercise that has pressured Wall Avenue’s largest banks to chop 1000’s of funding banking jobs.

International M&A volumes for the primary half of 2023 fell 39% to $1.38 trillion, in keeping with knowledge from Dealogic.

In current months, Evercore has employed greater than half a dozen senior bankers from greater funding banking rivals comparable to Goldman Sachs to spice up its protection in sectors comparable to expertise and industrials.

In June, Evercore employed veteran expertise banker Tammy Kiely and prime aerospace & protection banker Michael Tarulli from Goldman. Earlier this month, it recruited Neil Wolitzer, a accomplice in actual property funding banking at Goldman, one of many sources stated.

In the meantime, PJT Companions (NYSE:) Inc, the boutique funding financial institution led by Paul Taubman, has employed Brendan Panda, a outstanding aerospace & protection dealmaker, from Evercore, the sources stated. Panda labored on a number of notable transactions throughout his time at Evercore, together with Aerojet Rocketdyne’s $4.7 billion sale to L3Harris.

Panda will be part of PJT as a accomplice targeted on the aerospace & protection sector, the sources stated.

Evercore, PJT Companions and Morgan Stanley declined to remark.

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