"Osborne, who is a partner at the bank being acquired by its US rival Evercore, will miss out on a big payout from the deal, according to the Financial Times. The paper said most of the payout will be received by the bank's three founding partners, with the largest cut going to Sir Simon Robey the deal veteran known as the City's trillion-dollar man."
"Evercore has agreed to pay $96m in shares when the deal which was announced in July closes in October, followed by a further $100m in cash or shares after it completes. There could be further payouts for the partners if certain performance targets are met after six years. Osborne, who served as Conservative chancellor in David Cameron's government from 2010 to 2016, will become a senior managing director at Evercore, ranking among the most senior dealmakers at the US firm, according to the FT."
"Since stepping away from politics in 2017, Osborne has had a string of different jobs. He has previously advised the US asset manager BlackRock and was editor of the Evening Standard. He is now chair of the British Museum, as well as co-presenter of the Political Currency podcast with former shadow chancellor Ed Balls and an adviser to the cryptocurrency exchange Coinbase."
George Osborne is expected to miss out on a large windfall from the $196m takeover of Robey Warshaw, where he has worked since 2021 as a partner. Evercore will acquire the firm, paying $96m in shares on closing in October and a further $100m in cash or shares on completion, with possible additional payouts if performance targets are met after six years. Most of the payout will go to the bank's three founding partners, with Sir Simon Robey receiving the largest share. Osborne will become a senior managing director at Evercore and is expected to move to a part-time role while keeping other advisory and media roles.
Read at www.theguardian.com
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