Lazard’s Profit Drops 50% – Deal Journal – WSJ

Lazard’s Profit Drops 50% – Deal Journal – WSJ.

Nader Nazemi-Lazard Ltd. 50% profit decline

Lazard Ltd. 50% profit decline

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.

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