Wall Street needs a shakeup and a return to their roots of actually conducting financial services that help the economy grow as opposed to dealing with exotic financial products that destabilize the markets.
Lazard Ltd.’s second-quarter profit dropped 50% as the mid-size investment bank recorded lower assets under management and saw a double-digit decline in revenue in the restructuring and asset management segments.
“Uncertainty regarding Europe and the U.S. fiscal outlook continues to be a headwind for our industry, so we remain cautious. Even as we pursue revenue growth, we are equally focused on expense management,” Chief Executive Kenneth M. Jacobs said.
- Lazard Profit Falls 50% as Asset-Management Revenue Drops – Bloomberg (bloomberg.com)
- Lazard’s Profit Drops 50% (blogs.wsj.com)
- Lazard’s Profit Falls 50% in 2nd Quarter (dealbook.nytimes.com)
- Lazard outlines cost cuts to boost profit with weak outlook (vancouverdesi.com)
- Peltz Said to Have Pressed Lazard on Cutting Banker Compensation – Bloomberg (bloomberg.com)