Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Greenhill Profit Exceeds Estimates as Advisory Fees Advance

Greenhill & Co., the New York-based advisory firm founded by Robert Greenhill, reported first-quarter profit that beat analysts’ expectations as fees from overseeing deals climbed by 51 percent.

Net income was $16.1 million, or 53 cents a share, compared with a net loss of $1.58 million, or 5 cents, a year earlier, the firm said today in a statement after the close of trading in New York. The average estimate of six analysts surveyed by Bloomberg was 38 cents.

Greenhill, run by Chief Executive Officer Scott Bok, advised on $12.4 billion in announced and completed deals in the first quarter, an 11-fold surge from $1.11 billion a year earlier, according to data compiled by Bloomberg. Advisory revenue rose to $73.3 million from $48.5 million a year earlier.

“We feel like the year got off to a decent start,” Bok said today on a conference call following results. “Our revenue opportunity for the full year is weighted toward the second half given the low level of deal announcements in recent months.”

Greenhill fell 54 cents, or 1.4 percent, to close at $38.32. The shares have gained 5.4 percent this year.

The jump in advisory fees, which Greenhill said was driven by an increase in the “scale and number of completed assignments,” helped fuel a 71 percent surge in total revenue to $82.7 million.

Compensation costs grew to $41.2 million, or 50 percent of revenue, from $36.2 million, or 75 percent, a year earlier. The firm is seeing a “surge” in recruiting opportunities and could add at least five senior bankers in the “near term,” Bok said on the call.

Greenhill last month hired Vikram Gandhi, previously the global head of the financial institutions group at Credit Suisse Group AG, as a senior adviser to expand the firm’s business in India and Asia.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.