Lazard

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This article is about the investment bank. For other uses, see Lazard (disambiguation).
Lazard
Type Public (NYSE: LAZ)
Founded 1848, New Orleans, LA
Headquarters New York, New York
Key people Bruce Wasserstein, Chairman & CEO
Industry Investment services
Products Financial Services
Investment Banking
Investment management
Revenue ▲$2.01 billion USD (2007)
Net income ▲$92.99 million USD (2006)
Employees 2,200 (2006)
Website www.lazard.com

Lazard Ltd. (NYSE: LAZ) is the parent company of Lazard LLC, a New York-based, independent investment bank with approximately 2,200 employees in Europe, North America, Asia and Australia. Lazard was founded in 1848 and remained privately held until May 5, 2005, when the company conducted an initial public offering of its shares. In connection with its IPO, Lazard spun off its securities underwriting business, Lazard Capital Markets, which is now an independent firm.

Today, the investment banking arm participates in significant mergers and acquisitions transactions. In 2006, Businessweek profiled the firm's Chairman & CEO Bruce Wasserstein, and referred to the firm as the "Granddaddy of M&A".[1]

Contents

[edit] History

Lazard's origins date back to 1848 when the founders, the Lazard brothers, Alexandre Lazard, Simon Lazard, and Elie Lazard, moved to the United States from Lorraine, France, and formed Lazard Frères & Co. as a dry goods business in New Orleans, Louisiana, with a combined contribution of $9,000. Shortly thereafter, the Lazard brothers moved to the gold rush town of San Francisco, California, where they opened a business selling imported goods and exporting gold bullion. The business progressively became involved in financial transactions, first with its retail clients and then increasingly with commercial clients. Over time, the business expanded into the banking and foreign exchange businesses.

Seeking to expand operations to Europe, the Lazard brothers opened offices in Paris and London in 1858 and 1870, respectively. By 1876, Lazard’s businesses had become solely focused on providing financial services. In 1880, Alexander Weill, the founding brothers’ cousin, assumed control of Lazard.

The period between the two wars saw Lazard ensuring a supremacy in the banking world under the direction of Raymond Philippe, followed by André Meyer.

Post World War II saw the American operations expand significantly as a merger and acquisitions specialist under the leadership of André Meyer and Felix Rohatyn.

The firm then came to be controlled by Michel David-Weill. When David-Weill stepped into the role of Chairman, he hired Bruce Wasserstein as CEO. The pair subsequently became embroiled in a much-publicized corporate fight in which David-Weill said he regretted having ever hired Wasserstein. This tension culminated in May 2005, when Wasserstein completed an IPO of the firm, ending over 150 years of private ownership.

Although David-Weill and other descendants of the founding family wanted to retain private ownership, they had pursued a policy of handing out company shares in remuneration packages to employees. As a result, many employees owned shares in Lazard, and since many of them wanted to cash out, they voted with Wasserstein to hold a public offering.

Lazard continues to be led by Bruce Wasserstein, who holds the positions of Chairman and CEO.

[edit] Management

Past Chairmen:

Current Executives:

Board of Directors

[edit] Notable current and former employees

[edit] Business

[edit] Politics and public service

[edit] Books

[edit] External links

v • d • e
List of investment banks
v • d • e
Lazard Ltd.
Corporate Directors:
Robert Clark · Steven Heyer · Ellis Jones · Vernon Jordan, Jr. · Anthony Orsatelli · Bruce Wasserstein
Annual Revenue: $1.33 billion USD (▲12% FY 2004) · Employees: 2,343 · Stock Symbol: NYSE: LAZ · Website: www.lazard.com