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{{NYSEClass A share>Class A)|Russell 1000 component}}Alexandre LazardSimon Lazard}}Kenneth M. Jacobs (executive chairman)|Peter R. Orszag (CEO)}}| industry = Financial servicesFinancial servicesInvestment banking>Investment management}}{{decrease}} {{US$link=yes}} (2023)}}{{decrease}} {{US$|-80 million}} (2023)}}{{decrease}} {{US$|-57 million}} (2023)}}{{decrease}} {{US$|4.64 billion}} (2023)}}{{decrease}} {{US$|424 million}} (2023)}}216 billion}} (2023)| num_employees = 3,291 (2023)lazard.com}}New Orleans, Louisiana, U.S.Hamilton, Bermuda (incorporation)30 Rockefeller Plaza, {{nowrap>New York City, U.S.}} (operational)}}PUBLISHER=U.S. SECURITIES AND EXCHANGE COMMISSION, 23 February 2024, }}Lazard Inc. (formerly known as Lazard Ltd and Lazard Frères & Co.) is a financial advisory and asset management firm that engages in investment banking, asset management and other financial services, primarily with institutional clients. It is the world’s largest independent investment bank, with principal executive offices in New York City, Paris and London.NEWS, Indap, Sujeet, Massoudi, Arash, Fontanella-Khan, James, September 8, 2015, Investment banking: Walking away from Wall Street, Financial Times,www.ft.com/content/d99d271c-5545-11e5-8642-453585f2cfcd, Lazard was founded in 1848 and operates from 41 cities across 26 countries in North America, Europe, Asia, Australia, and Central and South America. The firm provides advice on mergers and acquisitions, strategic matters, restructuring and capital structure, capital raising and corporate finance, as well as asset management services to corporations, partnerships, institutions, governments and individuals.WEB, Lazard Ltd Annual Report (Form 10-K),www.sec.gov/ix?doc=/Archives/edgar/data/1311370/000156459022007675/laz-10k_20211231.htm, U.S. Securities and Exchange Commission, 12 April 2022, 28 February 2022,

History

Early years

On July 12, 1848, three brothers, Alexandre Lazard, Lazare Lazard, and Simon Lazard, founded Lazard Frères & Co. as a dry goods merchant store in New Orleans, Louisiana. By 1851, Simon and two more brothers, Maurice and Elie, had all moved to San Francisco, California, while Alexandre moved to New York. Lazard Frères began to serve miners engaged in the California Gold Rush, and soon expanded into banking and foreign exchange.Guy de Rougemont, Lazard Frères, Banquiers des Deux Mondes (1840-1939), Librairie Arthème Fayard, 2010In 1854, Alexandre Lazard moved to Paris, France, where he opened an office to complement the U.S. business. The firm began advising the French government on gold buying. In 1870, the firm continued to expand its international operations, opening an office in London as well.The name “Lazard Frères” means “Lazard Brothers” or “the Brothers Lazard” in French. It refers to associations of the Lazard brothers to form various financial services institutions with world-wide offices and investments.

The Three Houses of Lazard

In the late 1800s and early 1900s, the firm evolved into three “Houses of Lazard” in the United States, France, and the United Kingdom, separately managed but allied. The Lazard partners advised clients on financial matters and built a cross-border network of high-level relationships in business and government. Noted financial advisor George Blumenthal rose to prominence as the head of the U.S. branch of Lazard Frères and was a partner of Lazard Frères in France.In the economic boom following World War II, the American operations of Lazard expanded significantly under the leadership of the financier André Meyer. Meyer and Lazard partner Felix Rohatyn have been credited with virtually inventing the modern mergers and acquisitions (M&A) market.WEB, Institutional Investor International Edition, November 2011 “The New House of Lazard”,www.lazard.com/media/16088/iimag_nov_2011_lazard.pdf, dead,www.lazard.com/media/16088/iimag_nov_2011_lazard.pdf," title="web.archive.org/web/20130509005542www.lazard.com/media/16088/iimag_nov_2011_lazard.pdf,">web.archive.org/web/20130509005542www.lazard.com/media/16088/iimag_nov_2011_lazard.pdf, May 9, 2013, July 29, 2013, In 1953, Lazard Investors Ltd began an asset management business in London, which is the origin of today’s Lazard Asset Management.WEB, Lazard website - About Lazard,www.lazard.com/about-lazard/history, July 26, 2013,

A unified firm

In 1977, as the health of Meyer began to deteriorate, the firm came to be controlled by Michel David-Weill. Under his leadership, the three houses of Lazard were formally united in 2000 as Lazard LLC.William Cohan, Last Tycoons: The Secret History of Lazard Frères & Co, Doubleday, 2007In 2002, David-Weill hired Bruce Wasserstein to be CEO. Lazard became a public company in 2005, with nearly two-thirds of its shares owned by current and former employees. Wasserstein became its first Chairman and CEO. In connection with the initial public offering (IPO), Lazard spun off its broker-dealer business, Lazard Capital Markets.Following Wasserstein’s death in 2009, Lazard’s Board of Directors elected Kenneth M. Jacobs as Chairman and CEO.NEWS, November 17, 2009, Lazard Names Kenneth Jacobs as Its New Chief, The New York Times,dealbook.nytimes.com/2009/11/17/lazard-names-jacobs-as-chairman-and-ceo/, Lazard invested in a startup investment bank, Independence Point Advisors, in late 2021.NEWS, Schatzker, Erik, Lazard Backs Wall Street Diversity With ‘Salomon Sisters’ Stake,www.bloomberg.com/news/articles/2021-11-22/lazard-backs-wall-street-diversity-with-salomon-sisters-stake?srnd=premium&sref=CIpmV6x8, 22 November 2021, www.bloomberg.com, 22 November 2021, NEWS, Schatzker, Erik, Natarajan, Sridhar, Baker, Liana, ‘Salomon Sisters’ Is Coming to Wall Street, Backed by Lazard,www.bloomberg.com/news/articles/2021-09-24/-salomon-sisters-is-coming-to-wall-street-as-a-women-owned-bank?sref=CIpmV6x8, 22 November 2021, 24 September 2021, On May 26, 2023, the firm announced that Peter R. Orszag, CEO of Financial Advisory, had been unanimously elected by its Board to serve as CEO of Lazard and as a Board Director, effective October 1, 2023.NEWS, May 26, 2023, Lazard Appoints Peter R. Orszag as CEO and Kenneth M. Jacobs as Executive Chairman, Lazard.com,www.lazard.com/news-announcements/lazard-appoints-peter-r-orszag-as-ceo-and-kenneth-m-jacobs-as-executive-chairman/, Orszag became Chief Executive Officer of Lazard on October 1, 2023.NEWS, Hirsch, Lauren, Lazard Names Peter Orszag to Succeed Ken Jacobs as C.E.O.,www.nytimes.com/2023/05/26/business/dealbook/lazard-ceo-orszag.html, 1 October 2023, The New York Times, May 26, 2023, The publicly traded partnership Lazard Ltd converted to a U.S. C-Corporation effective January 1, 2024 and changed its name from Lazard Ltd to Lazard, Inc..WEB, Lazard Ltd Completes Conversion to a U.S. C-Corporation and is Renamed Lazard, Inc.,www.lazard.com/news-announcements/lazard-ltd-completes-conversion-to-a-us-c-corporation-and-is-renamed-lazard-inc/, 2024-01-27, Lazard.com, en,

Business overview

Financial advisory

Lazard advises clients on a wide range of strategic and financial issues. These may include advising on the potential acquisition of another company, business or certain assets, or on the sale of certain businesses, assets or an entire company. The firm also advises on alternatives to a sale such as recapitalizations, spin-offs, carve-outs and split-offs. For companies in financial distress or their creditors, Lazard advises on all aspects of restructuring. The firm has advised on many of the largest restructuring assignments in the wake of the global financial crisis that began in mid-2007.NEWS, McCracken, Jeffrey, January 14, 2012, Lazard Appoints Kurtz Restructuring Chief After Ridings, Savage, Bloomberg,www.bloomberg.com/news/2012-01-13/lazard-names-kurtz-restructuring-chief-to-take-over-from-ridings-savage.html, Lazard also advises on capital structure and capital raising. Capital structure advice includes reviewing and analyzing structural alternatives and assisting in long-term planning. Capital raising advice includes private and public market financing. Lazard’s Sovereign Advisory group advises governments and sovereign entities on policy and financial issues.WEB, Lazard Reports 2013 fourth quarter earnings,investor.shareholder.com/lazard/releasedetail.cfm?ReleaseID=823374, dead,investor.shareholder.com/lazard/releasedetail.cfm?ReleaseID=823374," title="web.archive.org/web/20140429161604investor.shareholder.com/lazard/releasedetail.cfm?ReleaseID=823374,">web.archive.org/web/20140429161604investor.shareholder.com/lazard/releasedetail.cfm?ReleaseID=823374, April 29, 2014, March 17, 2014,

Asset management

Lazard’s asset management business provides investment management and financial advisory services to institutional clients, financial intermediaries, private clients, and investment vehicles around the world. The firm manages assets on behalf of institutional clients (corporations, labor unions, public pension funds, endowments, foundations, insurance companies, and banks; and through sub-advisory relationships, mutual fund sponsors, broker-dealers and registered advisors) and individual clients (principally family offices and high-net-worth individuals).

Office locations

The bank operates from 42 cities across 26 countries.{{citation needed|date=December 2023}}{{div col|colwidth=22em}}

• {{flagicon|Netherlands}} Amsterdam
• {{flagicon|China}} Beijing
• {{flagicon|Belgium}} Brussels
• {{flagicon|Colombia}} Bogota
• {{flagicon|France}} Bordeaux
• {{flagicon|USA}} Boston
• {{flagicon|Argentina}} Buenos Aires
• {{flagicon|USA}} Charlotte
• {{flagicon|USA}} Chicago
• {{flagicon|UAE}} Dubai
• {{flagicon|Ireland}} Dublin
• {{flagicon|Germany}} Frankfurt
• {{flagicon|Germany}} Hamburg
• {{flagicon|Germany}} Munich
• {{flagicon|Hong Kong}} Hong Kong
• {{flagicon|USA}} Houston
• {{flagicon|UK}} London
• {{flagicon|USA}} Los Angeles
• {{flagicon|Luxembourg}} Luxembourg
• {{flagicon|France}} Lyon
• {{flagicon|Bahrain}} Manama
• {{flagicon|Spain}} Madrid
• {{flagicon|Australia}} Melbourne
• {{flagicon|Mexico}} México City
• {{flagicon|Italy}} Milan
• {{flagicon|USA}} Minneapolis
• {{flagicon|Canada}} Montreal
• {{flagicon|France}} Nantes
• {{flagicon|USA}} New York City
• {{flagicon|Panama}} Panama City
• {{flagicon|France}} Paris
• {{flagicon|Saudi Arabia}} Riyadh
• {{flagicon|USA}} San Francisco
• {{flagicon|Brazil}} São Paulo
• {{flagicon|Chile}} Santiago
• {{flagicon|South Korea}} Seoul
• {{flagicon|Singapore}} Singapore
• {{flagicon|Sweden}} Stockholm
• {{flagicon|Australia}} Sydney
• {{flagicon|Japan}} Tokyo
• {{flagicon|Switzerland}} Zürich

{{div col end}}In Paris, the Lazard offices were located successively at 17, boulevard Poissonnière (1885-1907); 5-7, rue Pillet-Will (1907-1979); 141, boulevard Haussmann (1979-2020);{{citation |title=Jean Guyot : Un financier humaniste |author=Alessandro Giacone |publisher=CNRS Editions |date=2015 }} and 175, boulevard Haussmann (since September 2020).WEB, Lazard, Lazard Inaugurates its New Investment Banking Office in Paris, {{date, 2010/09/10, |url=https://www.lazard.com/media/451368/20200910_cp_175h_en.pdf }}Lazard’s New York City headquarters spans the top floors of 30 Rockefeller Plaza,WEB, 15 March 2011, Lazard Takes More of 30 Rock,observer.com/2011/03/lazard-takes-more-of-30-rock/, observer.com, including what used to be Room 5600, the former offices of the Rockefeller family dynasty.WEB, Makarechi, Kia, Rockefeller Family Leaving 30 Rockefeller Center for the First Time,www.vanityfair.com/news/business/2014/11/rockefeller-family-leaving-30-rockefeller-center, The Hive, 24 November 2014, File:Poissonniere17.jpg|17, boulevard Poissonnière, ParisFile:PilletWill5.jpg|5-7, rue Pillet-Will, Paris File:Haussmann121.jpg|121, boulevard Haussmann, Paris File:HaussmannLazard.jpg|175, boulevard Haussmann, Paris

Management

Past chairmen

• Alexandre Lazard, Lazare Lazard and Simon Lazard (founders)
• Alexandre Weill
• David David-Weill
• Pierre David-Weill
• André Meyer
• Michel David-Weill
• Ken Costa
• Bruce Wasserstein

Board of directors

Lazard’s board of directorsWEB, Lazard Leadership,www.lazard.com/our-people/leadership-board/, 5 May 2022, Lazard, as of October 2023:{{citation needed|date=December 2023}}

• Kenneth M. Jacobs
• Peter R. Orszag
• Andrew Alper
• Ann-Kristin Achleitner
• Michelle Jarrard
• Iris Knobloch
• Jane Mendillo
• Richard Parsons

Notable current and former employees

Business

{{columns-list|colwidth=40em|

• Frank Altschul - Chairman, General American Investors Company
• Marcus Agius - Chairman of Barclays
• Robert Agostinelli - Founder and Chairman of Rhône Group
• Tim Collins - Founder and CEO of Ripplewood Holdings
• Disque Deane - Chairman of Starrett City Associates
• Mina Gerowin - Managing Director Paulson Europe, LLC
• Sir Philip Hampton - Chairman of Royal Bank of Scotland, Former Chairman of Sainsbury’s and UK Financial Investments Limited
• Hugh Kindersley, 2nd Baron Kindersley - Chairman of Lazard Brothers (London), 1953–1964
• Sebastian Kulczyk - son of Jan Kulczyk, Board member of Kulczyk Investments
• Steven Langman - Founder & Chairman of Rhône Group
• Jean-Marie Messier - Chairman & CEO of Vivendi (1996–2002)
• Andre Meyer - Famed American investment banker, advisor to Kennedy family, President Lyndon Johnson
• Archie Norman - Chairman ITV, Former Chairman & CEO of Asda
• Nelson Obus - Co-founder of Wynnefield Capital
• Gary Parr - American investment banker, Former Head of M&A at Morgan Stanley
• Mark Pincus - Internet entrepreneur, Co-founder of Zynga
• Steven Rattner - Venture capitalist, Co-Founder of Quadrangle Group
• Gerald Rosenfeld - Former CEO Rothschild North America, Adjunct Professor at NYU Stern
• Nathaniel Rothschild, 5th Baron Rothschild - Co-Chairman of Atticus Capital LLC
• Bernard Selz - American fund manager and philanthropist
• William von Mueffling - former head of Lazard’s hedge fund unit, President of Cantillon Capital Management
• Bruce Wasserstein - American investment banker, Co-Founder of Wasserstein Perella
• Johann Rupert - South African businessman, CEO of Compagnie Financiere Richemont
• Lars Kroijer - M & A Analyst.

}}

Politics and public service

{{columns-list|colwidth=40em|

• Jaime Bermúdez Merizalde - Former Colombian Minister of Foreign Affairs
• Ron Bloom - Senior official in the Obama Administration
• Robert Henry Brand, 1st Baron Brand - a member of “Milner’s Kindergarten”
• Robert Fred Ellsworth - Former U.S. Congressman, U.S. Ambassador to NATO, Deputy Secretary of Defense, and Nixon adviser
• Vernon E. Jordan Jr. - Clinton adviser, Life member of the Council of Foreign Relations
• Paul Keating - Former Prime Minister of Australia
• Robert Kindersley, 1st Baron Kindersley - British public servant
• Anne Lauvergeon - Former diplomatic council to French President François Mitterrand, CEO Areva
• Lord Mandelson - British politician, held Cabinet positions under both Tony Blair and Gordon Brown
• Henrique de Campos Meirelles - Former president Banco Central do Brasil
• Andrew Mitchell - British Member of Parliament, former Secretary of State for International Development
• Peter R. Orszag - Former OMB Director, former CBO Director
• Vincent S. Pérez - Philippine Secretary of Energy
• Rodrigo de Rato - Former Spanish Economy Minister, Head of International Monetary Fund
• Felix Rohatyn - U.S. Ambassador to France (1997–2000); board member, New York Stock Exchange (1968–1972)
• Jenny Sanford - Former First Lady of South Carolina
• Simon Sebag Montefiore - British historian and writer
• Lindsay Tanner - Former Australian Minister for Finance and Deregulation
• Andrés Velasco - Former Finance Minister of Chile
• Antonio Weiss - Counselor to the Secretary of the US Treasury
• Bill White - Former mayor of Houston (3 terms) and U.S. Deputy Secretary of Energy under President Bill Clinton
• Frank G. Zarb - FEA energy czar under President Gerald Ford, former chairman and CEO, NASDAQ, then Smith Barney
• Božidar Đelić - Former Minister of Finance of Serbia
• Ngozi Okonjo-Iweala - Director-General of the World Trade Organization, former Finance Minister of Nigeria, former Vice-President, Corporate Secretary of the World Bank Group.
• Gilles Mentré - Former advisor to President Nicolas Sarkozy.

}}

Other

• George J. Ames – philanthropist, former general partner of Lazard
• Paul Baerwald - banker and philanthropist, Chairman of the American Jewish Joint Distribution Committee
• William D. Cohan - Contributing editor at Fortune, Award-winning author

Books

• BOOK, de Rougemont, Guy D., Lazard Frères: Banquiers des Deux Mondes (1840-1939), Fayard, 2010, 978-2-213-66125-4, Paris,
• BOOK, Cohan, William D., The Last Tycoons: The Secret History of Lazard Frères & Co., Doubleday (publisher), Doubleday, 2007, 978-0-385-51451-4, New York,
• BOOK, Geisst, Charles R,archive.org/details/lastpartnerships00geis, The Last Partnerships: Inside the Great Wall Street Money Dynasties, McGraw-Hill, 2001, 0-07-136999-6, New York,
• BOOK, Reich, Cary,archive.org/details/financierbiograp00reic, Financier: The Biography of André Meyer: A Story of Money, Power, and the Reshaping of American Business, William Morrow & Co., 1983, 0-688-01551-4, New York,

See also

• List of investment banks
• Boutique investment bank
• Lazard Station in Montreal was built in 1918 and believed to be named in their honor as the firm was responsible for financing the Mont Royal Tunnel.WEB, Walton, Mark, The Mount Royal Tunnel Electrification,www.railways.incanada.net/candate/tunnel.htm, Colin Churcher’s Railway Pages, June 6, 2000, dead,www.railways.incanada.net/candate/tunnel.htm," title="web.archive.org/web/20120118181118www.railways.incanada.net/candate/tunnel.htm,">web.archive.org/web/20120118181118www.railways.incanada.net/candate/tunnel.htm, January 18, 2012, Renamed in 1926 as Val-Royal and demolished in 1995.

References

{{Reflist}}

External links

• {{Officialwww.lazard.com}}
• Lazard Asset Management

{{Finance links| name = Lazard Inc.| symbol = LAZ| sec_cik = 1311370| yahoo = LAZ| google = LAZ}}{{Lazard}}{{Major investment banks}}{{Authority control}}