Future Lazard CEO Peter Orszag (Photo: Getty Images)
The investment bank Lazard wants to double its turnover by 2030
Paris — The future CEO of Lazard Peter Orszag, who will take office on October 1, announced Thursday that his ambition is to double the turnover of the Franco-American investment bank by 2030.
“Our objective is to double turnover by 2030, which would mean double-digit average annual growth,” explained Mr. Orszag in a letter posted on the investment bank’s website.
For the whole of 2022, Lazard generated revenue of $2.77 billion, down 12%.
The investment bank has been going through a bad patch since the middle of last year linked to the halt in the mergers and acquisitions market, but does not want to abandon this activity.
“In terms of consulting, we have a lot of room to double in size, both in the United States and in Europe,” says Mr. Orszag.
He will take over from Ken Jacobs, who will become chairman of the board of directors, at the beginning of next month.
A graduate of Princeton and the London School of Economics, who worked under Barack Obama’s administration, the designated heir apparent held several key positions in the bank during his career, such as heading the mergers and acquisitions department in North America.
When it published its latest quarterly results on July 27, Lazard shared revenue down 8% and a net loss of $124 million between April and June.
Lazard is also engaged in a departure plan covering 10% of its 3,400 employees by the end of 2022, announced alongside its first quarter results.
Paris — The future CEO of Lazard Peter Orszag, who will take office on 1er October, announced Thursday that it aimed to double the turnover of the Franco-American investment bank by 2030.
“Our objective is to double turnover by 2030, which would mean double-digit average annual growth,” explained Peter Orszag in a letter posted on the investment bank’s website.
For the whole of 2022, Lazard generated a turnover of 2.77 billion US dollars (US$M), down 12%.
The investment bank has been going through a bad patch since the middle of last year linked to the halt in the mergers and acquisitions market, but does not want to abandon this activity.
“In terms of consulting, we have a lot of room to double in size, both in the United States and in Europe,” says Peter Orszag.
He will take over from Ken Jacobs, who will become chairman of the board of directors, at the beginning of next month.
A graduate of Princeton and the London School of Economics, who worked under Barack Obama’s administration, the designated heir apparent held several key positions in the bank during his career, such as management of the mergers and acquisitions department in North America.
When publishing its latest quarterly results on July 27, Lazard shared a turnover down 8% and a net loss of US$124 million between April and June.
Lazard is also engaged in a departure plan covering 10% of its 3,400 employees by the end of 2022, announced alongside its first quarter results.
