Hints and tips:
...Orszag, who joined Lazard in 2016, will replace Ken Jacobs, who has been at Lazard for more than three decades and has been chief executive since November 2009....
...Permira, JPMorgan, Bank of America, Mediobanca and Lazard declined to comment. Additional reporting by Annachiara Biondi in London...
...In a separate unit of its business, Lazard manages about $200bn in assets. Shares in Lazard have fallen 8 per cent since the start of the year, giving the company a market value of $3.7bn....
...Miscik, who until recently worked with Kissinger Associates, is joining Lazard as a senior adviser in the geopolitical advisory team....
...The payment to the board member Hans Ziegler was “improper”, Görts added, as it constituted “compensation for board information” he provided to the Lazard group, to be used “in connection with Lazard’s assignment...
...In today’s newsletter: Lazard’s deal talk with Abu Dhabi The shake-up at Alibaba Adobe’s $20bn headache Lazard must decide its future This week Lazard’s senior leadership gathered in Paris to celebrate...
...But Lazard Asset Management is a relative minnow with roughly $200bn in AUM. Lazard would benefit from being private and not having to expand simply for growth’s sake....
...The FT earlier this week reported Lazard had even considered a buyout bid from Abu Dhabi wealth fund ADQ. Much of the evidence of Lazard’s supposed slide into mediocrity is tied to its stock price....
...Despite its illustrious history, Lazard’s déjeuner has increasingly been snatched by US-focused upstarts. In 2022 Lazard’s advisory business generated $1.65bn, up from $1bn a decade earlier....
...Panmure has traded hands numerous times in its existence, including an acquisition by Lazard 20 years ago.Additional reporting by Michael O’Dwyer...
...The news at Lazard was less dramatic....
...He brings a similar wonkish optimism to the management of Lazard at a time of deep unease at the firm....
...Shares in Lazard, which also has an asset management business, are down almost 50 per cent from their 2021 peak....
...He was most recently chair of Lazard in the UK. Smart reads A fatal mistake The Wall Street Journal investigates what happened on a remote Texas ranch in a billionaire shipping scion’s final hours....
...Orszag, a prominent economist who served in the Obama administration, joined Lazard in 2016 after a stint at Citigroup and leads Lazard’s investment banking arm....
...Lazard shares fell 3 per cent on Friday and they are down 10.6 per cent for the year....
...Lazard is also advising Lloyds....
...Lazard is also advising the bank. AlixPartners has been appointed as receivers for the business....
...First Republic, Lazard and McKinsey declined to comment. The news of Lazard and McKinsey being hired was reported earlier by the Wall Street Journal....
...It has been a momentous week in Paris for the Lazard and Rothschild families....
...Lazard’s venture and growth banking team totals 25.The timing of Lazard’s expansion comes against the backdrop of a slowdown in venture markets, as plunging technology valuations and rising interest rates...
...Last week, Lazard announced it would cut its 3,400-person workforce by a tenth this year. It cited a M&A deep freeze not expected to thaw for several quarters....
...Job moves Former Microsoft executive and Pendral Capital president Richard Emerson, who also held senior banking roles at Evercore and Lazard, is stepping down from the board of Apollo Global Management...
...Lazard is advising Lloyds on options for the business. Lazard declined to comment....
...The bank hired AlixPartners and Lazard over a year ago to help draw up potential strategies to recover the money....
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