Seeking Alpha

Lazard (LAZ +5.6%) gets past a weak deal market, reporting a 9% increase (earnings) in its...

Lazard (LAZ +5.6%) gets past a weak deal market, reporting a 9% increase (earnings) in its financial advisory business in Q2 thanks to getting a piece of 4 out of 10 of the largest M&A deals this year. Compensation expense rose 17%, but as a percentage of revenue fell to 60% from 62.7% a year ago. Evercore (EVR +1%) also overcame the sluggish environment (earnings), taking market share as investment banking revenues rose 18.8% Y/Y. Its compensation ratio dropped to 63.5% from 66.3% a year ago.
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