Any firm that competes with Wall Street is welcome and should be able to strike a balance with the unfair advantages that Wall Street as a whole has. I will definitely invest in Greenhill & Co.
Greenhill & Co. said its second-quarter profit fell 90% to $2.2 million on significantly lower revenue from advisory services compared to last year’s strong quarter.
In after-hours trading, Greenhill shares fell as much as 14% before recovering to about even at $37.69.
Advisory revenue fell 47%, to $45 million in the quarter. Greenhill, an independent firm that competes with big Wall Street firms to win assignments advising companies on mergers and other activities, said the decline was due to fewer closed transactions in the quarter. Deal advisers typically collect the bulk of their fees at closing.
- Greenhill Kicks Off Boutique Earnings in Bleak M&A Market (blogs.wsj.com)
- Greenhill Profit Plunges 90% as Advisory Fees Decline by Half – Bloomberg (bloomberg.com)
- Ominous Sign for Wall Street: Deal-Revenue Backlog Lowest Since 2005 – Deal Journal – WSJ (nadernazemi.com)
- J.P. Morgan Tops IB Revenue Table In Weak Start to Year – Deal Journal – WSJ (nadernazemi.com)
- Restructuring Veteran Headed for Third Avenue Management – Deal Journal – WSJ (nadernazemi.com)