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Bankers expecting better bonuses for 2012 will have to instead take solace in healthy bank stock rises.
Bankers expecting better bonuses for 2012 will have to instead take solace in healthy bank stock rises.
(Mika Makelainen/Getty Images/iStockphoto)

Wall Street’s independent banks bemuse investors

Wall Street’s independent dealmakers have shareholders bemused. Evercore, Greenhill, Moelis and Lazard turned in most of the second quarter’s best M&A results. They were pretty close on financial performance, too. Yet their stocks trade on wildly different multiples.

Evercore recorded a bigger quarter-on-quarter jump in advisory revenue, at 50 percent, than any U.S. rival, large or small. Greenhill was second best with a 32 percent increase, while Moelis’ 15 percent improvement put it fourth, behind Morgan Stanley. Lazard managed to boost revenue by only 2 percent, but that helped it post a record top line for the first half of the year.