Greenhill expansion costs management their bonuses

Net profits more than halved at the US investment bank last year with weak performance in Europe dragging on the total

The senior management at US investment bank Greenhill & Co has given up cash bonuses for 2010 after the firm's “extraordinary expansion” hit profits last year.

Greenhill reported after the market close on Wednesday that net profits for 2010 were $34.5m, less than half the $71.1m that the firm made in 2009.

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