Lazard CEO approves of hiring spree during current turmoil

The bank gave $457.8 million in cash incentive bonus, 31% less than in 2021.

Ken Jacobs, CEO of Lazard, stated that the independent investment bank’s “counter-cyclical” choice to hire top dealmakers even while larger rivals cut back was “wise” since he expected M&A activity to rebound in the coming months.

Last year, Lazard’s financial consulting unit suffered a 7% reduction in revenue to $1.7 billion, while larger competitors reported 50% declines in dealmaking fees for 2022. In recent months, the investment bank has added top dealmakers and expanded into new business areas, including private credit. The bank has extended its private capital operations in the United States.