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PJT pays $800k per head. Here's how much is cash

There are lots of reasons to work for a boutique bank like PJT. The pay is one of them. The cash pay is another.

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PJT published its Q4 and year-end 2023 results earlier this month, but only yesterday published its 10-k filing with the SEC. That filing gives a bit of an insight into what the bank’s $800k per head compensation packages look like.

By our count, the average PJT employee received around $504k in cash compensation. At 63% of total, that's a lot, although is less than 77% and 78% constituted by cash in 2022 and 2021, respectively. 

Alongside what we're presuming is immediately available cash, PJT paid an average of $41k per head in deferred cash, and $205k in restricted stock units (RSUs). RSU's comprised around a quarter of their total compensation package. They typically vest over a three to five year period. 

These are the averages. The particulars are likely to vary by seniority: juniors receive more cash; senior bankers more RSUs. 

The implication, therefore, is that only quite a small proportion of PJT’s compensation is deferred. That’s a lot less than other places. Deutsche Bank’s most recent annual report, from last year, showed that the bank deferred 100% of bonuses paid above €500k ($532k at the time).

PJT people will also make money selling previous year's stock bonuses. With over 5 million RSUs outstanding, granted at an “Weighted Average Grant Date Fair Value” price of $73.23 (per PJT) and a current share price of $106.29 at the time of writing, PJT’s RSU-holders currently in line to receive $184m in RSUs alone as previous year's bonuses vest. 

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AUTHORZeno Toulon

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