PJT Partners

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PJT Partners, Inc. is a global advisory-focused

PJT operates leading businesses across Strategic Advisory, Strategic Capital Markets, Restructuring, Shareholder Advisory and Capital Raising. The firm has advised on over $600bn+ in M&A transactions in its short history, including AbbVie's $63bn acquisition of Allergan, T-Mobile's $59 Billion Merger with Sprint and Mylan's $50 Billion Combination with Upjohn, a Division of Pfizer. [3]

The firm is headquartered in New York City, with additional offices in Boston, Chicago, Hong Kong, Houston, London, Los Angeles, Madrid, San Francisco and Sydney,^[4] and employs approximately 700 people.^[5]

History and background

In 2015, PJT Partners, Inc. was created from a merger of the advisory arm of

Blackstone’s decision to do the spin-off was largely driven by the conflicts of interest that arose between Blackstone’s advisory services business and its investing businesses, including private equity, real estate investing and hedge funds.^[8]

In 2020, PJT achieved record revenue of $1.05 billion, more than double the revenue achieved five years prior.^[9] In 2020, the firm was rated "No. 3 Best Banking Firms for Business Outlook" by Vault.^[10] The firm is routinely cited as one of the best paying firms in the industry where average pay per head is ~$750,000^[11] and has the highest pay for first year analysts.

Each year, the firm hires about 20 analysts. ^[12]

Leadership

Paul Jeffrey Taubman has served as the chairman and chief executive of PJT Partners since its inception in 2015, and was the founder of its predecessor firm, PJT Capital LP, in 2013.^[13] He previously spent approximately 30 years at Morgan Stanley, where he was Co-President of Institutional Securities.^[7][14][15] Bloomberg News reported that Taubman was the second-highest-paid U.S. executive of 2015 (after Patrick Soon-Shiong), earning $164 million in awarded pay.^[16]

In 2015, before the firm began operations, Taubman hired a number of senior European bankers to lead PJT Partners' European operation.

The firm competes with all investment banks that provide strategic advisory services.[15]^[23] Main competitors include other leading independent advisory firms such as Centerview, Evercore, Greenhill & Co., Moelis & Company, Lazard, and Perella Weinberg Partners.

References