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Lazard Inc. (formerly known as Lazard Ltd and Lazard Frères & Co.) is a financial advisory and asset management firm that engages in investment banking, asset management and other financial services, primarily with institutional clients. It is the world's largest independent investment bank, with principal executive offices in New York City, Paris and London.[2]

Key Information

Lazard was founded in 1848 and operates from 41 cities across 26 countries in North America, Europe, Asia, Australia, and Central and South America.[3] The firm provides advice on mergers and acquisitions, strategic matters, restructuring and capital structure, capital raising and corporate finance, as well as asset management services to corporations, partnerships, institutions, governments and individuals.[3]

History

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Early years

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On July 12, 1848, three French brothers, Alexandre Lazard, Lazare Lazard, and Simon Lazard, founded Lazard Frères & Co. as a dry goods merchant store in New Orleans, Louisiana. By 1851, Simon and two more brothers, Maurice and Elie, had all moved to San Francisco, California, while Alexandre moved to New York. With the Gold Rush in full swing, the brothers traded in gold between San Francisco and Western Europe.[4]

In 1854, Alexandre Lazard moved to Paris, France, where he opened an office to complement the U.S. business. The firm began advising the French government on gold buying. In 1870, the firm continued to expand its international operations, opening an office in London as well.[5]

The name "Lazard Frères" means "Lazard Brothers" or "the Brothers Lazard" in French. It refers to associations of the Lazard brothers to form various financial services institutions with world-wide offices and investments.

The Three Houses of Lazard

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In the late 1800s and early 1900s, the firm evolved into three "Houses of Lazard" in the United States, France, and the United Kingdom, separately managed but allied. The Lazard partners advised clients on financial matters and built a cross-border network of high-level relationships in business and government. Noted financial advisor George Blumenthal rose to prominence as the head of the U.S. branch of Lazard Frères and was a partner of Lazard Frères in France.[5]

In the economic boom following World War II, the American operations of Lazard expanded significantly under the leadership of the French financier André Meyer. Meyer and Lazard partner Felix Rohatyn have been credited with virtually inventing the modern mergers and acquisitions (M&A) market.[6]

In 1953, Lazard Investors Ltd began an asset management business in London, which is the origin of today's Lazard Asset Management.[7]

A unified firm

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In 1977, as the health of Meyer began to deteriorate, the firm came to be controlled by Michel David-Weill. Under his leadership, the three houses of Lazard were formally united in 2000 as Lazard LLC.[8]

In 2002, David-Weill hired Bruce Wasserstein to be CEO. Lazard became a public company in 2005, with nearly two-thirds of its shares owned by current and former employees. Wasserstein became its first chairman and CEO. In connection with the initial public offering (IPO), Lazard spun off its broker-dealer business, Lazard Capital Markets.[6]

Following Wasserstein's death in 2009, Lazard's board of directors elected Kenneth M. Jacobs as chairman and CEO.[9]

During the Greek sovereign debt crisis, Lazard served as advisor to the Greek government, securing "the biggest restructuring deal in history" in 2012. They were hired again by the incoming Syriza party in 2015.[10] The crisis was finally resolved in 2018.[11]

Lazard invested in a startup investment bank, Independence Point Advisors, in late 2021.[12][13]

On May 26, 2023, the firm announced that Peter R. Orszag, CEO of Financial Advisory, had been unanimously elected by its Board to serve as CEO of Lazard and as a Board Director, effective October 1, 2023.[14] Orszag became chief executive officer of Lazard on October 1, 2023.[15] On January 1, 2025, Orszag's role expanded to serve as CEO and Chairman of Lazard's Board of Directors.[16]

The publicly traded partnership Lazard Ltd was reincorporated under the Delaware General Corporation Law effective January 1, 2024 and changed its name from Lazard Ltd to Lazard, Inc.[17]

In 2025, Lazard and alternative credit firm Arini Capital Management have formed a strategic alliance to collaborate on sourcing and direct lending opportunities across Europe, the Middle East, and Africa.[18]

Business overview

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Financial advisory

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Lazard advises clients on a wide range of strategic and financial issues. These may include advising on the potential acquisition of another company, business or certain assets, or on the sale of certain businesses, assets or an entire company. The firm also advises on alternatives to a sale such as recapitalizations, spin-offs, carve-outs and split-offs. For companies in financial distress or their creditors, Lazard advises on all aspects of restructuring. The firm has advised on many of the largest restructuring assignments during and after the 2008 financial crisis.[19] Lazard also advises on capital structure and capital raising. Capital structure advice includes reviewing and analyzing structural alternatives and assisting in long-term planning. Capital raising advice includes private and public market financing. Lazard's Sovereign Advisory group advises governments and sovereign entities on policy and financial issues.[20]

Asset management

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Lazard's asset management business provides investment management and financial advisory services to institutional clients, financial intermediaries, private clients, and investment vehicles around the world. The firm manages assets on behalf of institutional clients (corporations, labor unions, public pension funds, endowments, foundations, insurance companies, and banks; and through sub-advisory relationships, mutual fund sponsors, broker-dealers and registered advisors) and individual clients (principally family offices and high-net-worth individuals).[3]

Office locations

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The bank operates[3] from 39 cities across 22 countries.[21]

In Paris, the Lazard offices were located successively at 17, boulevard Poissonnière (1885–1907);[5] 5–7, rue Pillet-Will (1907–1979);[5] 141, boulevard Haussmann (1979–2020);[22] and 175, boulevard Haussmann (since September 2020).[23]

Lazard's New York City headquarters spans the top floors of 30 Rockefeller Plaza,[24] including what used to be Room 5600, the former offices of the Rockefeller family dynasty.[25]

  • 17, boulevard Poissonnière, Paris
    17, boulevard Poissonnière, Paris
  • 5-7, rue Pillet-Will, Paris
    5-7, rue Pillet-Will, Paris
  • 121, boulevard Haussmann, Paris
    121, boulevard Haussmann, Paris
  • 175, boulevard Haussmann, Paris
    175, boulevard Haussmann, Paris

Management

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Past chairmen

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Board of directors

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Lazard's board of directors as of October 2025:[26]

Notable current and former employees

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Business

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Politics and public service

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Other

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Books

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  • de Rougemont, Guy D. (2010). Lazard Frères: Banquiers des Deux Mondes (1840–1939). Paris: Fayard. ISBN 978-2-213-66125-4.
  • Cohan, William D. (2007). The Last Tycoons: The Secret History of Lazard Frères & Co. New York: Doubleday. ISBN 978-0-385-51451-4.
  • Geisst, Charles R (2001). The Last Partnerships: Inside the Great Wall Street Money Dynasties. New York: McGraw-Hill. ISBN 0-07-136999-6.
  • Reich, Cary (1983). Financier: The Biography of André Meyer: A Story of Money, Power, and the Reshaping of American Business. New York: William Morrow & Co. ISBN 0-688-01551-4.

See also

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References

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Revisions and contributorsEdit on WikipediaRead on Wikipedia

Lazard

View on Grokipedia
from Grokipedia
Lazard is a preeminent global financial advisory and asset management firm, founded in 1848 by brothers Alexandre, Lazare, and Simon Lazard in New Orleans as a dry goods merchant that evolved into banking and advisory services.
The firm operates across North and South America, Europe, the Middle East, Asia, and Australia, delivering independent advice on mergers and acquisitions, capital markets advisory, restructuring and liability management, geopolitics, and customized investment solutions to corporations, governments, institutions, and individuals.
With over 175 years of history, Lazard pioneered the independent investment banking model, avoiding lending or proprietary trading conflicts, and has advised on landmark transactions including the 1975 restructuring that averted New York City's bankruptcy under Felix Rohatyn.
Its unification of U.S., French, and U.K. operations into Lazard LLC in 2000 and public listing in 2005 marked key modern milestones, alongside recent achievements like record financial advisory revenues in 2025 amid recovering dealmaking activity.

History

Founding and Early Expansion (1848–1900)

Lazard Frères & Co. was established in 1848 in New Orleans, , by three brothers—Alexandre, Lazare, and —who had immigrated from the Alsace region of . Initially operating as a dry goods merchant selling fabrics and accessories from a store on , the partnership formalized its structure through a legal contract among the brothers, marking the firm's inception amid the economic opportunities of the antebellum American South. The brothers contributed modest capital—approximately $3,000 each—to launch the venture, leveraging their trading experience gained after Alexandre and Lazare's arrival in New Orleans in 1841. The firm's early expansion was driven by the 1849 , prompting a relocation of operations to , where it opened a branch to supply miners and facilitate gold-related transactions. By the 1850s, Lazard diversified into , including exchange, lending, and gold shipments, while establishing a office in 1852 (as Lazard Frères & Cie) to advise on European gold purchases and bridge transatlantic trade. This period saw the addition of family members, such as cousin Alexandre Weill in 1856, strengthening the firm's network as it transitioned from merchandise to banking amid the U.S. Civil War and postwar reconstruction. International growth accelerated in the with a temporary presence in 1870, formalized as Lazard Brothers & Co. in at 60 Old Broad Street, enabling access to British capital markets during the . By 1880, a New York branch on integrated Lazard deeper into American , coinciding with a full pivot to , foreign exchange, and exporting—activities that positioned the firm as a major U.S. shipper. In 1884, Lazard co-founded the , , and American Bank Ltd. to finance global expansion, solidifying its role as a multinational entity by century's end while abandoning entirely by 1876.

The Three Houses and Global Growth (1900–1970s)

During the early , Lazard operated through three semi-independent partnerships known as the "three houses": Lazard Frères & Cie in , Lazard Brothers & Co. in , and Lazard Frères & Co. in New York, each managed by family descendants or partners with shared ownership interests but distinct local operations and client bases. The London house received a capital infusion in 1901, enabling expansion, followed by the recruitment of key figures Robert Kindersley in 1905—a director—and Robert Brand, an economist, who drove international financing deals such as a £1 million bond issuance for the Canadian Northern Railway in 1908 and investments in growth-stage Canadian firms, , , and . In 1919, a minority stake in the London house was sold to Weetman Pearson, reflecting efforts to stabilize and fund overseas ambitions amid post-World War I recovery. World War I marked a pivotal expansion, with the Paris house advising the French government on financing and gold purchases, while the London house supported British war efforts, and New York operations grew amid neutral U.S. economic activity. Post-war, the London house led geographical diversification, opening offices in , , and , and underwriting foreign government bonds for entities like the Dutch Indies and . The 1924 "battle of the franc" saw coordinated efforts across houses, with New York's Frank Altschul devising a currency stabilization strategy for . Challenges arose in 1931 when fraud at a Brussels affiliate prompted a bailout by the and Pearson, granting Pearson an 80% stake in the London house. The interwar and post-World War II periods solidified Lazard's global footprint through shifts. In the U.S., the 1933 Glass-Steagall Act prompted New York to pivot from commercial banking to advisory services, a transition accelerated post-1944 under , who eliminated retail brokerage and positioned the house as a leader. operations halted during Nazi occupation but resumed under Pierre David-Weill in 1944 and post-war. By the mid-20th century, emerged as a new pillar, starting in in 1953, in 1969, and New York in 1970 with SEC registration. Felix Rohatyn's role in averting New York City's 1975 bankruptcy via the Municipal Assistance Corporation exemplified the houses' advisory influence, though internal frictions persisted due to their autonomous structures until formal unification efforts in the late 1970s.

Unification, IPO, and Post-2000 Developments

In the late , , the senior partner overseeing Lazard's operations, pursued the unification of the firm's three historically independent houses in New York, , and to centralize control and streamline global operations. This effort involved acquiring minority stakes from partners across the entities, costing approximately $650 million, amid tensions over profit-sharing and . Plans for operational integration and executive reshuffles were announced in June 1999, culminating in the formal merger completion on March 7, 2000, which aligned the houses under a unified structure while preserving their local expertise. Following the sale of Pearson plc's minority holdings in Lazard's U.S. and U.K. operations later that year, the three houses were reorganized as Lazard LLC, marking the end of over 150 years of semi-autonomous management. In January 2002, Lazard LLC appointed , a prominent investment banker who had previously led his own firm acquired by AG, as CEO to drive expansion and modernization. Wasserstein focused on aggressive talent acquisition, including high-profile hires from competitors, and positioned the firm for public markets to enhance liquidity for partners and fund growth in mergers-and-acquisitions advisory and . expanded to $77 billion by mid-decade, reflecting strengthened capabilities in global equity and fixed-income strategies. Lazard executed its on May 10, 2005, selling 34.2 million shares of Class A at $25 per share through Lazard Ltd as the , raising approximately $855 million in gross proceeds and ending 157 years as a private partnership. The IPO, priced at the low end of the expected range amid market volatility, provided capital for debt reduction and employee incentives via equity grants, while retaining a partner-centric model with managing directors holding voting control post-offering. Under Wasserstein's leadership, post-IPO revenues benefited from a rebound in global M&A activity, with advisory fees rising 15% to $482 million in 2004 alone, underscoring the firm's entrenched role in high-profile restructurings and cross-border deals.

Recent History and Strategic Shifts (2010s–2025)

In the early , Lazard navigated post-financial crisis recovery by emphasizing restructuring advisory, topping rankings for such deals in the first half of 2010 with involvement in eight of the ten largest global restructurings, including the $24 billion Dutch chemicals firm case. By 2015, the firm achieved record operating revenue and earnings amid capital markets volatility, driven by advisory. (AUM) grew steadily, though subject to market flows, with the division focusing on diversified strategies like global equity and . The 2020 downturn prompted a pivot to complex M&A and advisory amid global uncertainty, with Lazard engaging in significant transactions despite economic contraction. In 2022, underwent leadership transition as Evan L. Russo succeeded Ashish Bhutani as CEO after Bhutani's nearly two-decade tenure, aiming to streamline operations and enhance performance. Peter Orszag assumed the role of CEO and Chairman in 2023, steering a renewed focus on core financial advisory strengths while selectively expanding . That year, Lazard launched its "Lazard 2030" long-term growth strategy, targeting doubled revenue by 2030 through enhanced client relationships, geopolitical advisory integration, and regional expansion, including renewed emphasis. The firm marked its 175th anniversary in 2023, highlighting historical resilience. Execution of Lazard 2030 began strongly in , with rising 21% to $3.052 billion from $2.515 billion in 2023, reflecting M&A rebound and cost discipline. In 2025, the progressed amid resilient markets, with Q1 net at $648 million, Q2 average AUM at $239 billion (down 3% year-over-year but up quarterly), and Q3 updates reaffirming 10-15% annual shareholder returns via advisory dominance and targeted inflows. Strategic shifts included reinvestment in high-conviction areas like capital solutions and liability management, while managing cyclical headwinds through . In September 2025, Lazard provided a two-year progress update on 2030 goals, underscoring adaptation to policy uncertainties and trade shifts.

Business Operations

Financial Advisory Services

Lazard's Financial Advisory division provides independent advice to corporations, governments, and institutions on (M&A), optimization, restructurings, and other strategic financial matters. The division emphasizes unbiased, conflict-free counsel, leveraging a network of over 300 managing directors across global offices to handle complex, cross-border transactions. In 2024, this segment generated approximately $1.76 billion in revenue, contributing significantly to the firm's overall operations amid a resurgence in deal activity. Core services include M&A and strategic advisory, where Lazard advises on mergers, acquisitions, divestitures, takeover defenses, and joint ventures, often in high-stakes industries such as , , and consumer goods. Recent transactions include advising , Leonardo, and Thales on strategic partnerships, as well as Vistra's acquisition of a asset portfolio. Capital Markets Advisory focuses on evaluating financing alternatives, debt issuances, and equity offerings, utilizing proprietary databases for tailored assessments. Specialized Advisory extends to non-M&A areas, including sovereign advisory for governments on restructurings and management, as well as geopolitical and regulatory . The division has demonstrated resilience in volatile markets; for instance, in the third quarter of 2025, Financial Advisory net revenue reached $427 million, a 15% increase year-over-year, driven by robust European M&A activity and diversified deal flow. Through the first nine months of 2025, the segment reported $1,292 million in net revenue, reflecting sustained demand for expert guidance amid economic uncertainties.

Asset Management Division

Lazard Asset Management (LAM) is the investment management division of Lazard Inc., delivering active investment strategies to institutional, sovereign, and private clients globally. The division specializes in equities, fixed income, multi-asset solutions, and alternatives, with products structured as mutual funds, segregated mandates, and bespoke portfolios tailored to client needs. LAM's approach prioritizes fundamental analysis, dynamic asset allocation, and high-conviction security selection to generate returns independent of broad market beta. The division traces its origins to Lazard's early banking activities in the 19th century, which included managing client portfolios alongside advisory services, though modern institutional asset management expanded significantly during the firm's global growth in the 20th century. Following Lazard Inc.'s initial public offering in 2005, which separated its financial advisory and asset management operations into distinct segments, LAM was formalized as a standalone unit focused on scaling third-party assets. By the 2010s, it had built capabilities in emerging markets and quantitative strategies, contributing to Lazard's overall revenue diversification amid volatile advisory fees. As of September 30, 2025, LAM reported preliminary assets under management (AUM) of $264.5 billion, reflecting net inflows and market appreciation from $258.4 billion in August 2025. LAM's equity strategies emphasize value-oriented, bottom-up stock picking, particularly in mid-cap and global franchises, where the firm has historically sought undervalued opportunities overlooked by consensus benchmarks. offerings include and rates management, while multi-asset portfolios integrate tactical allocation with security-level insights to mitigate volatility. Alternatives encompass private markets and , targeting uncorrelated returns for diversified client mandates. The division maintains over 1,200 employees, including more than 400 professionals across 20+ countries, enabling localized execution with centralized . Performance data as of September 2025 indicates that well over half of benchmarked strategies outperformed their indices over 3- and 5-year periods, driven by selective positioning in underappreciated sectors rather than passive indexing. In recent years, LAM has emphasized emerging markets exposure, leveraging Lazard's advisory network for proprietary insights into geopolitical and economic shifts. Third-quarter 2025 results showed asset management net inflows supporting growth of 15.8% year-over-year to $748.1 million firm-wide, with the division benefiting from higher AUM of $239 billion in the prior quarter amid favorable market conditions. Compensation and operational expenses rose, reflecting investments in talent and technology to enhance alpha generation, though fee compression in passive alternatives remains a structural challenge per industry norms. Client retention stems from the firm's , avoiding conflicts with Lazard's advisory through ring-fenced operations.

Restructuring and Other Advisory Practices

Lazard's and Liability Management practice advises both companies and creditors on complex financial , including out-of-court recapitalizations, liability management transactions, and in-court proceedings. The firm has participated in over 500 such engagements in the past decade, involving more than $2 trillion in restructured liabilities, positioning it as a leading advisor in high-profile cases. In 2024, the practice handled transactions exceeding $70 billion in value, reflecting sustained demand amid economic pressures such as uncertainties. Recent mandates have included advising on liability adjustments driven by potential U.S. policy shifts under President , with firms seeking proactive debt management. Beyond core , Lazard offers specialized advisory services addressing strategic challenges outside mergers, capital solutions, and liability . These encompass assessments for corporate boards, providing tailored analyses of international tensions and their implications. Sovereign advisory focuses on for governments and state entities, supporting liability in emerging markets and developed economies alike. The firm's Capital Markets Advisory group complements restructuring efforts with expertise in equity and advisory, private capital raising, and strategies. This includes guidance on corporate separations like spin-offs and carve-out IPOs, as well as broader optimization. In 2023, Lazard formalized its Capital Solutions platform to integrate these elements, enhancing advice on hybrid financing amid volatile markets. These practices emphasize independent, conflict-free counsel, drawing on Lazard's global network to navigate multifaceted advisory needs.

Global Presence

Office Locations and Regional Operations

Lazard operates from approximately 41 offices across 26 countries, with a presence in , , , the , , and Central and , supporting its financial advisory and activities through localized expertise and global coordination. The firm's global headquarters is situated at in , serving as the central hub for strategic decision-making and operations. In , Lazard maintains a robust network, including its U.S. headquarters and additional offices in Austin, , Charlotte, , , , , and New York, enabling tailored advisory services across diverse regional markets such as , , and healthcare. Operations extend to , contributing to cross-border transactions in the . Europe represents a core region for Lazard, with principal offices in , , and , —the latter relocated to 20 Manchester Square in June 2025 as one of three major global hubs alongside New York and . Additional European locations include , , and in ; Brussels, Belgium; ; Amsterdam, Netherlands; and multiple sites in , facilitating mergers, restructurings, and capital markets advice amid the region's regulatory and economic complexities. In , Lazard has been active for over 40 years, with offices in and , ; ; and , , focusing on high-growth sectors like and cross-border deals in emerging markets. Central and operations, though scaled back with the closure of five offices in 2023 amid a slowdown, continue from São Paulo, —established in 2004—and , , emphasizing and sectors. The firm's regional structure promotes integrated operations, with enhanced cross-geography connectivity implemented under the Lazard 2030 strategy to streamline advisory and delivery.

Leadership and Governance

Current Executive Management

serves as and Chairman of Lazard, Inc., having assumed the CEO role effective October 1, 2023. Prior to joining Lazard, Orszag held senior positions including Director of the U.S. under President Obama and Vice Chairman of Corporate and at . Raymond J. McGuire has been President of Lazard since April 2023. In this capacity, he oversees the firm's global operations and strategic initiatives. McGuire previously spent 13 years at as Global Head of Corporate and Investment Banking for the Markets and Securities Services division. Mary Ann Betsch is , appointed effective October 3, 2022. She succeeded Evan L. Russo in the role and brings over two decades of experience, including as Managing Director in finance at . Betsch holds CPA and CFA designations. Alexandra Soto serves as , responsible for operational efficiency across Lazard's advisory and asset management businesses. Evan Russo is of Lazard , overseeing the firm's asset management division as of October 2025. Russo previously served as Lazard's CFO from 2017 to 2022 before transitioning to lead the asset management unit. Chris Weideman acts as , managing legal affairs for the firm.

Board of Directors

The of Lazard, Inc. provides oversight on strategic matters, , and , with a composition emphasizing expertise in , , , and . As of October 2025, the board includes nine members: the Chairman and CEO, a lead independent director, and seven other independent directors. has served as Chairman of the Board and since January 2025, when he assumed the dual role following prior executive positions at Lazard. Orszag previously directed the U.S. from 2009 to 2010, advised on , and held senior roles at ; he earned a Ph.D. in from the London School of Economics. acts as Lead Independent Director, having joined the board on January 30, 2024, and been appointed to the lead role on November 25, 2024. Schulman, who led as CEO from 2014 to 2023—overseeing its growth to over 400 million active accounts—became CEO of Verizon on October 6, 2025, while retaining his Lazard position. Ann-Kristin Achleitner joined as an in April 2021 and serves on the and Nominating and Governance Committee. A of entrepreneurial finance at , Achleitner has held supervisory roles at (since 2024), , and previously and , bringing expertise in and . Andrew M. Alper has been a director since 2012. Alper spent 21 years at , including as co-head of , and later served as president of New York City's Corporation; he now chairs Alper Investments LLC, focusing on and . Peter Harrison was appointed an independent director on March 3, 2025. Harrison serves as CEO of plc, a global asset manager with over $900 billion in as of , and previously held investment roles at and . Stephen R. Howe Jr. joined as an independent director on January 30, 2024, and serves on the Audit Committee. Howe was U.S. Chairman and Americas Managing Partner at through 2023, managing over 75,000 professionals, with prior experience in consulting and . Michelle Jarrard has been a director since January 2017, serving on the Compensation Committee and Workplace and Culture Committee. Jarrard is CEO of BioCircuit Technologies, Inc., a firm, and previously chaired ; she holds engineering and business degrees from and has directed technology and consumer firms including . Iris Knobloch joined in 2018 and chairs the Nominating and Governance Committee. Knobloch is Chairwoman and CEO of and Vice Chairman of AccorHotels' board; her career includes executive roles at Yahoo and , with a focus on and strategy. Dmitry Shevelenko was appointed an independent director effective September 2, 2025. As of AI, Shevelenko oversees operations at the AI search startup; he previously held senior product and strategy roles at , , and Meta, and co-founded ventures in ad tech and data analytics.

Historical Leadership Transitions

Following the post-World War II expansion under , who headed U.S. operations from 1944 and built Lazard into a premier advisory firm, leadership transitioned to amid Meyer's declining health. In 1977, , a descendant of the founding family who had joined the Paris office in 1950 and become a general partner in New York by 1961, was named senior partner of Lazard Frères & Co. in New York, effectively unifying control over the firm's global operations. maintained dominance through the 1980s and 1990s, overseeing restructurings such as the 1989 appointment as head of Lazard Brothers in and the 2000 formation of Lazard LLC to consolidate the Paris, New York, and partnerships. By the early 2000s, succession pressures mounted, leading David-Weill to hire as CEO in 2002 to drive modernization and an . , previously CEO of Wasserstein Perella, orchestrated Lazard's IPO in May 2005, which diluted family control and raised approximately $622 million, though it sparked internal conflicts with David-Weill over governance. 's sudden death from heart complications on October 14, 2009, prompted an immediate transition; on November 17, 2009, longtime Lazard partner was appointed Chairman and CEO, stabilizing the firm amid the . Jacobs, who had joined Lazard in 1986 and risen through roles, led the firm for nearly 14 years, focusing on advisory growth and expansion during recovery from the downturn. In May 2023, amid a dealmaking slump, Lazard announced Jacobs would step down as CEO effective October 1, 2023, with —then CEO of Financial Advisory and a former executive—succeeding him, while Jacobs assumed the role of Executive Chairman to guide strategy. This handover aimed to inject fresh expertise in economics and policy, given Orszag's prior roles as budget director and OMB director under President Obama.

Key Personnel and Alumni

Notable Figures in Finance and Business

served as a senior partner at Lazard Frères from the 1940s until his retirement in 1977, during which he expanded the firm's influence in American through strategic advisory roles in major corporate restructurings and capital raisings, earning recognition as one of the era's preeminent dealmakers. , a partner at Lazard from 1961 to 1997, gained prominence for orchestrating the financial rescue of during its 1975 fiscal crisis, chairing the Municipal Assistance Corporation and negotiating over $4 billion in federal loans and investments to avert default. Michel David-Weill led Lazard as chairman from 1977 to 2005, guiding its evolution into a global powerhouse with transactions exceeding $1 trillion in value, while maintaining the firm's partnership structure until its public listing in 2005. Peter Orszag, who joined Lazard in 2020 as a managing director before becoming CEO in 2023, previously directed the U.S. from 2009 to 2010 and Citigroup's financial strategy unit, bringing expertise in and institutional advisory to the firm's operations. Kenneth Jacobs, Lazard's chairman and CEO from 2009 to 2023, oversaw the firm's recovery from the , including key advisory mandates in debt restructurings and corporate sales totaling hundreds of billions in assets.

Contributions to Politics and Public Policy

Lazard's Advisory practice provides financial and strategic guidance to governments and entities, influencing through debt restructuring and liability management strategies. The firm has advised on restructurings for nations including , , , and in recent years, facilitating negotiations with creditors to achieve sustainable debt profiles amid economic crises. These engagements often incorporate policy recommendations on fiscal reforms, competitiveness enhancements, and capital market access, directly impacting national budgetary decisions and long-term economic stability. As of 2025, the practice remains active across developed and emerging markets, supporting governments in navigating geopolitical and financial pressures. The firm's Geopolitical Advisory group, established in 2022 under CEO Peter Orszag, integrates former high-level government officials to counsel clients on risks intersecting finance and policy, such as sanctions, trade disruptions, and security threats. Advisors include retired U.S. Admiral William McRaven, who advised Presidents and on defense and foreign policy; General , former U.S. Central Command commander and ambassador to ; Jami Miscik, ex-CIA Deputy Director for Intelligence; and Siddharth Mohandas, former Deputy Assistant Secretary of Defense. In 2023, the group added Sir Stephen , former UK National Security Adviser, and in 2025, Patrick McHenry, ex-U.S. Congressman and House Financial Services Committee Chair. This expertise extends Lazard's influence into policy domains by bridging corporate strategy with governmental decision-making frameworks. Key personnel have directly shaped U.S. public policy. Peter Orszag, Lazard's CEO since 2023 and formerly Director of the Office of Management and Budget (2009–2010) under President Obama, oversaw federal budgeting and healthcare reform implementation, drawing on economic analysis to inform fiscal policy. Ron Bloom, who began his career at Lazard in the 1980s, served as Assistant to the President for Manufacturing Policy (2009–2011), leading the auto industry bailout and restructuring of General Motors and Chrysler, which preserved over 1 million jobs through government intervention and private equity coordination. Bloom returned to Lazard as a senior adviser in 2012, exemplifying the revolving door between the firm and policy roles. These transitions underscore Lazard's role in channeling Wall Street acumen into governmental problem-solving, particularly in crisis response and industrial policy.

Other Notable Individuals

George J. Ames (1917–2001) served as a limited managing director at Lazard Frères & Co. for over 60 years, beginning in 1937 after graduating from Columbia College, while also engaging extensively in , including support for educational and cultural institutions. Paul Baerwald (1871–1961), an early partner at Lazard Frères from 1907 until his retirement in 1930, dedicated his subsequent career to , serving as chairman of the for 45 years and funding humanitarian efforts, including refugee aid and child welfare programs. Richard A. Hettinger Jr. (1892–1972), a former professor at from 1920 to 1926, transitioned to Lazard Frères where he contributed as an economist and chaired the Lazard Fund, applying his academic expertise in to strategies despite the fund's challenges.

Notable Transactions and Achievements

Landmark Mergers and Acquisitions

Lazard served as exclusive financial advisor to in its 2015 merger with , a transaction valued at $46 billion in equity that formed , the third-largest food and beverage firm in by revenue. The deal, orchestrated with backing from and , stood out for its reliance on independent boutiques—Lazard for Heinz and for Kraft—eschewing broader syndicates of bulge-bracket banks typically involved in such scale. This advisory role built on Lazard's prior engagement with Heinz during its 2013 by the same investors for $28 billion, demonstrating continuity in high-value consumer goods transactions. In the technology domain, Lazard has advised Alphabet Inc.'s Google unit on all external-advisor-assisted acquisitions totaling $22 billion as of 2019, including strategic buys to bolster capabilities in areas like hardware and cloud services. This longstanding relationship underscores Lazard's expertise in navigating regulatory scrutiny and integration risks for repeated acquirers in competitive sectors. Lazard also acted as financial advisor to Inc. in its 2023 sale to Inc. for $10.1 billion, a deal that enhanced AbbVie's solid tumor assets with ImmunoGen's antibody-drug conjugate . Such pharmaceutical mandates reflect Lazard's recurring involvement in biotech consolidations amid patent cliffs and pipeline diversification pressures. Historically, Lazard ranked as Europe's leading M&A advisor in early 1999, counseling on deals aggregating €177 billion ($190 billion), often in cross-border contexts that capitalized on its multinational footprint. These engagements, spanning consumer, tech, and healthcare, affirm Lazard's track record in structuring transformative combinations while prioritizing client-specific strategic imperatives over volume-driven mandates.

Restructuring Deals and Crisis Advisory

Lazard's restructuring and liability management practice advises debtors, creditors, and other stakeholders on complex financial restructurings, emphasizing out-of-court solutions such as recapitalizations and liability management transactions while also handling in-court proceedings like Chapter 11 bankruptcies. The firm leverages its expertise in capital structure optimization, creditor negotiations, and valuation analyses to facilitate resolutions in distressed situations, often engineering innovative debt exchanges or amendments to avoid formal insolvency. In the sovereign debt arena, Lazard has played a prominent role during the 2020-2025 global debt crisis, serving as the primary financial advisor to multiple governments facing distress. Notable engagements include advising on its 2020 debt exchange involving approximately $65 billion in bonds, on its 2020 restructuring of over $17 billion in sovereign debt, and amid its 2020 default on $30 billion in Eurobonds. The firm also supported , , and in their respective restructurings, contributing to resolutions covering nearly $200 billion in claims since 2020 through creditor coordination and bondholder exchanges. For corporate clients, Lazard has advised on high-profile distress scenarios, including serving as investment banker to Group in its 2020 Chapter 11 filing, where it facilitated a sale to creditors and investors amid pandemic-induced revenue declines, enabling the retailer to emerge with reduced . In the sector, the firm represented Valaris PLC, the world's largest contractor, during its 2020 bankruptcy, negotiating with bondholders and banks to restructure $7.1 billion in liabilities and position the company for relisting. More recently, in the third quarter of 2025, Lazard's team counseled Altice on ongoing debt reduction efforts involving asset sales and for its €24 billion load, and assisted First Brands Group in liability amid automotive sector pressures. These engagements underscore Lazard's approach to advisory, which prioritizes preserving enterprise value through preemptive restructurings and multi-stakeholder alignments, often in jurisdictions with varying legal frameworks. The practice's success is evidenced by completed transactions that have stabilized clients' balance sheets, though outcomes depend on macroeconomic factors like interest rates and prices.

Financial Performance

Lazard's net has exhibited cyclical volatility, largely driven by its Financial Advisory segment, which accounts for the majority of earnings and is sensitive to global (M&A) activity, economic conditions, and environments. In , amid a post-pandemic M&A boom, total net reached $3.27 billion, reflecting heightened deal volumes. This declined to $2.82 billion in 2022 and further to $2.52 billion in 2023 as rising s and geopolitical uncertainties dampened transaction activity. rebounded sharply to $3.05 billion in 2024, fueled by a 43% surge in Financial Advisory operating to $2.05 billion, attributed to improved M&A pipelines in and the U.S. Profitability has mirrored these revenue fluctuations, with GAAP net income swinging from approximately $357 million in 2022 to a loss of $75 million in 2023, the latter impacted by elevated compensation expenses, charges, and softer advisory fees. Recovery ensued in 2024, yielding of $280 million, supported by cost discipline and higher-margin advisory work, though adjusted revenue of $2.89 billion excludes certain non-recurring items like . The segment provided relative stability, contributing about 30-35% of with operating income bolstered by management fees, but it has faced outflows and market-driven AUM variations.
YearNet Revenue ($ billions)GAAP Net Income ($ millions)Key Driver
20213.27Positive (est. high)M&A surge post-COVID
20222.82Moderating deal activity
20232.52-75Rate hikes, low M&A
20243.05280Advisory rebound
Through the first nine months of 2025, trends indicate continued momentum, with adjusted net of approximately $2.08 billion (implied full-year trajectory toward growth) and adjusted of $178 million, driven by a 14% year-over-year increase in Q3 Financial Advisory to $422 million amid renewed dealmaking. Overall, Lazard's profitability margins have averaged around 9-10% in profitable years, constrained by high variable compensation tied to advisory , underscoring the firm's dependence on transaction cycles rather than recurring fee-based stability.

Assets Under Management and Recent Metrics (Through 2025)

Lazard's totaled $265 billion as of September 30, 2025, reflecting a 7% increase from $248 billion at the end of the third quarter of 2024. The firm reported average of $257 billion for the third quarter of 2025, up 5% year-over-year and driven by market appreciation, gains, and net inflows. Net inflows reached $4.6 billion in the quarter, supporting AUM expansion amid volatile equity markets where equities comprised the majority of the portfolio. Earlier in 2025, AUM stood at $248 billion as of June 30, with monthly figures showing steady growth: $258.4 billion at August 31, influenced by $2.7 billion in market appreciation and $2.2 billion in foreign exchange impacts, offset by minor net outflows of $0.2 billion in August. These metrics underscore Lazard Asset Management's focus on institutional clients across equities, fixed income, and alternatives, with over 400 investment professionals managing portfolios in more than 20 countries. Year-to-date through the third quarter, AUM growth of 17% highlighted resilience despite sensitivity to equity market fluctuations, where equities represented 77% of AUM as of mid-2025. Asset management segment net revenue benefited from higher average AUM, contributing to overall firm adjusted net revenue of $725 million in the third quarter, a 12% year-over-year rise, though fees remained pressured by performance-based components. Through the first nine months of 2025, cumulative AUM expansion supported strategic goals, including a 2030 target to double firm-wide revenue via organic growth and selective acquisitions.

Criticisms and Challenges

Operational and Cultural Critiques

Lazard's corporate culture has been critiqued by current and former employees for fostering an elitist and arrogant atmosphere, with reviewers describing colleagues as "insufferable" and the firm as harboring a "false belief" in operating at the pinnacle of finance despite its mid-tier status in the investment banking sector. Such sentiments reflect a perception of entitlement rooted in the firm's historical prestige dating to the 19th century, which some argue impedes adaptability in a competitive landscape dominated by larger bulge-bracket institutions. Employee platforms highlight a "hardcore" work ethic, where success demands exceptional resilience amid relentless demands, often at the expense of personal satisfaction. Work-life balance emerges as a recurrent , with reviews citing mandatory weekend work, chronic long hours, and elevated turnover rates as hallmarks of the environment. Aggregated data from over 700 submissions indicate a work-life balance rating of 3.1 out of 5, underscoring systemic strain typical of advisory-focused boutiques but exacerbated by Lazard's deal-dependent . These accounts, while self-reported and potentially skewed toward negative experiences, align with broader critiques of burnout and retention challenges, though Lazard's overall recommendation rate stands at 71%, suggesting variability across roles and seniority. Operationally, Lazard has faced scrutiny for vulnerability to macroeconomic cycles, with advisory revenues—comprising the bulk of income—proving highly sensitive to deal flow fluctuations. declined at a 2% compound annual rate from 2020 to 2024, underperforming the broader financials sector amid client hesitancy in volatile conditions. This exposure contributed to challenging performance in 2023 and early 2024, prompting cost-control measures and strategic overhauls under the firm's 2030 plan, which analysts view as ambitious yet hindered by persistent market uncertainties. Legal and compliance issues have occasionally spotlighted operational lapses, including a 2009 employee backlash against Lazard Capital Markets' clawback policies amid the financial crisis, perceived as eroding trust. Earlier SEC findings held the firm accountable for Section 10(b) violations by former executives, involving misrepresentation in advisory roles. Discrimination claims, such as a 2022 suit alleging religious and national origin bias against a Hindu-Asian vice president, were dismissed on summary judgment in 2024 and upheld on appeal in 2025, indicating robust defenses but highlighting potential internal frictions in diverse hiring practices. Ongoing shareholder probes into fiduciary duties as of late 2024 further underscore governance concerns tied to recent actions. These episodes, while not systemic scandals, reveal tensions in risk management and accountability within a partnership-legacy structure that prioritizes deal execution over diversified stability.

Market and Regulatory Pressures

Lazard has encountered significant market pressures from fluctuations in mergers and acquisitions (M&A) activity, particularly during periods of elevated interest rates and economic uncertainty. In the third quarter of 2023, the firm's financial advisory revenue declined 42% to $261 million amid a broader dealmaking drought exacerbated by tighter monetary policy and geopolitical tensions, contributing to a 90% slump in quarterly profit. These conditions reduced corporate appetite for transactions, pressuring advisory fees which constitute a core revenue stream for Lazard. By contrast, a resurgence in dealmaking supported stronger performance in 2025, with third-quarter profit exceeding estimates as activity revived, though ongoing volatility in global markets, including tariff-related uncertainties under the Trump administration, has boosted demand for restructuring advisory while posing risks to traditional M&A volumes. Regulatory pressures have manifested in investigations and fines related to compliance failures. In February 2023, Lazard's German unit was fined €190,000 ($207,000) by authorities for inadequate controls that failed to prevent by a former employee, convicted in the prior year. Similarly, in 2023, Swedish prosecutors charged a Lazard managing director with aggravated , seeking a SKr1.5 million (£108,000) fine against the firm due to the executive's senior position. These incidents highlight vulnerabilities in internal compliance mechanisms across jurisdictions. Broader regulatory in the financial advisory sector, including antitrust enforcement impacting M&A deals, adds to operational risks, as noted in Lazard's SEC filings, where changes in antitrust laws are identified as potential inhibitors of transaction levels. Antitrust and investigations have also emerged as concerns. In December 2024, lawsuits probed potential breaches by Lazard's directors tied to corporate actions, raising questions about practices. While Lazard advises clients on navigating heightened regulatory hurdles in M&A, such as those from U.S. and EU authorities, the firm itself faces indirect pressures from evolving enforcement that could limit deal flow or invite further oversight. These challenges underscore the need for robust in a highly regulated industry, with historical precedents like a 1999 $11 million settlement for involvement in an industry-wide illustrating persistent compliance demands.

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  141. https://www.bloomberg.com/news/articles/2023-02-01/lazard-fined-in-germany-for-failing-to-prevent-insider-trading
  142. https://www.investmentweek.co.uk/news/4122864/lazard-sweden-managing-director-charged-aggravated-bribery-reports
  143. https://www.sec.gov/Archives/edgar/data/1311370/000156459023002334/laz-10k_20221231.htm
  144. https://www.prnewswire.com/news-releases/shareholder-alert-purcell--lefkowitz-llp-announces-shareholder-investigation-of-lazard-inc-nyse-laz-302333893.html
  145. https://news.bloomberglaw.com/antitrust/well-planned-deals-can-win-approval-lazards-mcmaster-says
  146. https://www.nytimes.com/1999/04/23/business/lazard-to-pay-11-million-to-settle-federal-charges.html
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