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Industries
Finance


LAZARD TO CUT WORKFORCE 10% AS CEO SEES SLUMP THROUGH 2023

 * ‘It’s time to act,’ Chief Executive Officer Ken Jacobs says
 * Firm’s financial-advisory revenue misses analysts’ estimates

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By Sonali Basak and Steve Dickson
April 28, 2023 at 12:57 PM GMT+2
Updated on
April 28, 2023 at 4:03 PM GMT+2

Listen

2:39

Lazard Ltd. posted a surprise loss for the first quarter and said it plans to
reduce its workforce by 10% this year, predicting the industry’s dealmaking
slump will last through 2023.

“Candidly, things are not feeling as good as they were in December or January,”
Chief Executive Officer Ken Jacobs said in a telephone interview Friday. “It’s
time to act. That’s basically it.”

Investment-banking fees across the five biggest Wall Street banks plummeted 49%
last year, according to Bloomberg Intelligence, as Russia’s invasion of Ukraine
roiled markets and damped corporate confidence. The Federal Reserve’s aggressive
push to contain inflation by raising interest rates has also been crimping
capital-markets activity.


LAZARD PLANS TO CUT WORKFORCE AFTER YEARS OF GAINS

Firm announces 10% reduction, or about 340 jobs

Source: Data compiled by Bloomberg

Note: Figure for 2023 is the first-quarter total

At the same time, wages surged on Wall Street in recent years as junior bankers
demanded higher salaries and senior bankers benefited from an industry boom.
Even amid the current downturn, wages remain sticky, Jacobs said, while costs
tied to travel, entertainment and information services have soared. The CEO said
he believes his competitors will also be cutting jobs as the dealmaking
environment remains muted.



Many top banks have already started. Citigroup Inc. has eliminated hundreds of
jobs across the company, amounting to less than 1% of the workforce. JPMorgan
Chase & Co., the biggest US bank, has cut hundreds of mortgage employees, and
Goldman Sachs Group Inc. embarked on one of its biggest rounds of job reductions
ever in January, when it planned to erase thousands of positions across the
company.

At Lazard, with roughly 3,400 employees as of the end of March, the announcement
signals about 340 jobs will be lost. The move cost $21 million in the first
quarter, according to a statementBloomberg Terminal Friday, and the company said
it anticipates an additional $95 million in charges.

Shares of the company declined 3.8% to $31.09 at 9:54 a.m. in New York,
extending this year’s drop to 10%.

Read more: Lazard Posts Surprise Loss as Slow M&A Hits RevenueBloomberg Terminal

Lazard’s first-quarter financial-advisory revenue slumped 29% from a year
earlier, to $274 million, and fell short of the $296 million estimate in a
survey of analysts by Bloomberg News. Asset-management revenue of $265 million
was down 15%.

The adjusted loss per share was 26 cents, compared with an average estimate of
30 cents of profit per share.

Many of the firm’s costs are hard to trim, Jacobs said. “You can’t lower
salaries easily, as we are price takers on travel and entertainment,” he said.
“It’s very difficult to lower salaries, especially in an environment when you
have inflation going on all around you.”



(Updates with other firms’ cuts in fifth paragraph, stock reaction in seventh. A
previous version of this story was corrected to remove a reference to missed
estimates.)

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