Independent investment banks held their own against their larger rivals last year. Five independent banks, including moelis, pjt partners and greenhill, saw M&A advisory revenue fall 6% last year compared with 2018. Only pjt, the youngest of the firms, saw an improvement, with revenue rising 27%. The two heavyweights, evercore and lazard, saw revenue fall 5% and 10%, respectively, for the year.
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