As our intern diarist has discovered to his detriment, working in M&A is hard work.
However, working in M&A is probably even harder work when you are a mere associate and have anything from 3 to 4 managing directors telling you what to do.
This would appear to be the case at Greenhill.
As Bloomberg points out, there are 6 associates working in Greenhill's New York office - and 26 managing directors.
The ratio is slightly better in London, but it's still not great. Greenhill's website reveals there are six associates and 17 managing directors in Berkeley Square.
Bloomberg points out that this ratio is normally reversed and that other small and mid-sized investment banks (like Lazard and Moelis) typically have more associates than MDs. It's apparently usual for such an organisation to have three to five associates for every one MD, not the other way around.
Greenhill's associates may therefore be thankful that MDs are leaving the firm. This is because they are now being paid in stock, which is down 43% year-on-year.