By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
AmextaFinanceAmextaFinance
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
AmextaFinanceAmextaFinance
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
AmextaFinance > News > Ken Jacobs expected to stand down as CEO of Lazard
News

Ken Jacobs expected to stand down as CEO of Lazard

News Room
Last updated: 2023/05/18 at 6:32 PM
By News Room
Share
3 Min Read
SHARE

Ken Jacobs, the longstanding chief executive of Lazard, is expected to leave his post at the independent investment bank and hand the reins to his deputy Peter Orszag, said people briefed on the matter.

His pending departure comes weeks after Lazard announced it would cut more than 300 employees, about a tenth of its workforce, following a deep deal slump that Jacobs has told analysts would persist into 2024.

Jacobs has admitted that his earlier optimism about a deal rebound had been misplaced due to an uncertain economic environment. Between 2019 and 2022, the firm’s managing director roster grew from 163 to 212.

Jacobs had long insisted that the spaces Lazard operates in — deal advice and asset management — were the two best businesses on Wall Street but both have slipped in recent years.

Its storied M&A franchise has also come under pressure from US upstarts such as Centerview Partners, Evercore and PJT Partners, which became highly successful in the aftermath of the financial crisis when large companies were increasingly comfortable hiring boutique banks for lucrative assignments.

Europe’s economic wobbles after the continent’s debt crises more than a decade ago have hurt Lazard’s businesses there as well.

The competitive challenges come amid the departures of star rainmakers including Antonio Weiss, Gary Parr and Matthieu Pigasse. Meanwhile, Lazard’s money management business has been hit by the shift in asset flows to passive investing funds.

Lazard’s share price is down nearly a fifth this year and trades just above the price of its 2005 initial public offering.

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.

Jacobs is widely credited with steering the notoriously fractious firm after the 2009 death of its then famed head Bruce Wasserstein. The recession that followed the great financial crisis had left the bank, which was heavily indebted, in a financially vulnerable position.

“One of the most consequential responsibilities of any board is to ensure a smooth transition of leadership. We have a succession plan that we have had in place for quite some time and our plan is on track,” said Richard Parsons, Lazard’s lead director.

The firm declined to comment further on Jacobs’ impending departure, which was first reported by The Wall Street Journal. 

Jacobs joined Lazard from Goldman Sachs in the 1990s as a mid-level banker and quickly established himself as one of the top dealmakers on Wall Street before becoming a top deputy to Wasserstein, who joined at a time of internal turmoil in 2001.

Read the full article here

News Room May 18, 2023 May 18, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Hedge fund Millennium valued at $14bn in minority stake sale talks

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Trump signs executive order to implement US-UK trade deal

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

Senate to maintain cap on state tax deductions, imperilling Trump’s bill

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

Iran will only agree to talks to end Middle East crisis if Israel stops bombing 

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

3 ways investors can manage market volatility, budgeting for burnout, credit vs debit cards

Watch full video on YouTube

- Advertisement -
Ad imageAd image

You Might Also Like

News

Hedge fund Millennium valued at $14bn in minority stake sale talks

By News Room
News

Trump signs executive order to implement US-UK trade deal

By News Room
News

Senate to maintain cap on state tax deductions, imperilling Trump’s bill

By News Room
News

Iran will only agree to talks to end Middle East crisis if Israel stops bombing 

By News Room
News

Airbus unveils close to $10bn of orders at Paris show overshadowed by Air India disaster

By News Room
News

Donald Trump opens G7 summit by criticising Russia’s exclusion

By News Room
News

Sabadell explores sale of UK high street bank TSB

By News Room
News

Trump Organization to launch mobile phone service and $499 gold handset

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

YOUR EMAIL HAS BEEN CONFIRMED.
THANK YOU!

Welcome Back!

Sign in to your account

Lost your password?