"We are not trying to sell multiple products. "Boutique expansion is a direct consequence of bulge brackets paying less, adding layers of bureaucracy and admin work for senior people," said one New York-based boutique banker, using a colloquial expression for the top banks. "In a nutshell working for a bulge bracket is no longer fun. "Amid reduced advisory revenue at our competitor group, the trend towards independent M&A advisers remains intact," said Greenhill's Bouten. "Year-to-date advisory revenue at Greenhill is up 16 percent, whereas advisory revenue at the big five U.S. banks is down slightly and the big European banks are down more.

Source: The Star August 14, 2016 07:18 UTC