Elite boutiques are the net recipients of senior bankers, while Goldman Sachs is the largest absolute net exporter.
Between 2024 and 2026, 101 senior-banker moves were recorded among 11 U.S. investment banks. Most moves stay within the Bulge Bracket (BB), but the cross-tier direction clearly points toward Elite Boutiques (EB).
In this report, senior banker refers to roles at the Managing Director, Partner, Head of ..., Chairman, CEO, or CIO level.
BB→EB recorded 18 moves versus 4 in reverse; Lazard gained 7, and Evercore gained 6.
Goldman Sachs posted net flow of -13; it also has the largest talent pool, so a high absolute outflow does not equal the highest attrition rate.
34 stable channels concentrate among large BBs; GS→Evercore increased to 7 in 2024–2026, compared with an annual average of 1 in 2020–2023.
Of 101 moves, 73 stayed within BBs; EB inflows remain far smaller than BB-to-BB exchange.
In 2024–2026, 18 senior bankers joined Elite Boutiques after leaving Bulge Brackets, versus 4 in reverse. Lazard gained 7 and Evercore gained 6, making them the clearest net recipients.
Citi and Goldman Sachs show the largest gross flows; Lazard and Evercore retain a clear net-inflow advantage.
BB→EB recorded 18 moves versus 4 in reverse.
Goldman Sachs recorded 13 net outflows in 2024–2026, the largest among the 11 banks. Its main destinations were Evercore, JPMorgan, Citi, and Morgan Stanley.
Goldman Sachs outflows reach both large Bulge Brackets and Elite Boutiques, concentrated in a few core channels.
| Bank | Share |
|---|---|
| Evercore | 28% |
| JPMorgan | 20% |
| Citi | 20% |
| Morgan Stanley | 12% |
Goldman Sachs, Morgan Stanley, and JPMorgan form the largest talent pools.
34 stable channels formed since 2020 concentrate among Morgan Stanley, Goldman Sachs, JPMorgan, and Citi. GS→Evercore increased to 7 in 2024–2026, versus 1 per year in 2020–2023.
Leading stable channels sit among large BBs; GS→Evercore is the top cross-tier channel.
Quarterly flows remain modest, peaking in Q3 2025.
The judgment and implication for each core finding.
Judgment: BB→EB recorded 18 moves versus 4 reverse; Lazard gained 7, Evercore gained 6.
Implication: EB appeal shows in cross-tier direction, though absolute scale remains far below within-BB flows.
Judgment: Goldman Sachs net flow was -13, the largest absolute outflow.
Implication: Goldman Sachs loses senior talent to both large BBs and Elite Boutiques.
Judgment: 34 stable channels concentrate among large BBs; GS→Evercore increased to 7 per period, versus 1 earlier.
Implication: Large BBs form the core exchange circle; GS→Evercore is the cross-tier channel to watch.
Role supply pressure, hiring growth, key employers, hotspot cities, and talent sources can all be broken down by company, role, or region.
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