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Lazard CEO says dealmaker hiring spree is a ‘smart move’ as rivals cut back
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Lazard's chief executive, Ken Jacobs, said that a "counter-cyclical" move by the independent investment bank to hire senior dealmakers even as larger rivals cut back was a "smart move" as he expects M&A activity to bounce back in the coming months.
Lazard's financial advisory business saw revenue decline just 7% last year to $1.7bn as larger rivals booked 50% drops in dealmaking fees in 2022. The independent investment bank has added senior dealmakers in recent months and pushed into new business lines including private credit....
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