![Lazard CEO Jacobs set to step down, Orszag to take helm -source](https://i-invdn-com.investing.com/trkd-images/LYNXMPEJ4H0W3_L.jpg)
By Anirban Sen
NEW YORK (Reuters) -Lazard Ltd CEO Ken Jacobs is anticipated to step down from his position and hand the reins to Peter Orszag, who presently runs the funding financial institution’s monetary advisory unit, an individual acquainted with the matter mentioned on Thursday.
Jacobs’ determination to step down comes after Lazard (NYSE:) reported a loss within the first quarter as dealmaking exercise slumped. Lazard has warned of an unsure outlook for the remainder of the 12 months and plans to remove round 10% of its workforce.
Lazard’s inventory has misplaced about 17% this 12 months, giving the impartial funding financial institution a market capitalization of simply over $3 billion.
Over the previous decade, it has misplaced market share to newer boutique advisory companies comparable to Centerview Companions, Evercore, and PJT Companions (NYSE:) Inc, and in recent times it has slipped in league desk rankings.
Lazard lead director Richard Parsons (NYSE:) mentioned in an announcement that the financial institution has had a succession plan in time for a while however didn’t present additional particulars.
Orszag, 54, was beforehand was head of North America M&A at Lazard and joined the financial institution from Citigroup (NYSE:) in 2016. Previous to his profession in funding banking, Orszag held quite a few senior roles within the U.S. authorities beneath the Obama administration.
Jacobs, 64, joined Lazard from Goldman Sachs Group (NYSE:) in 1988 and took over as CEO in 2009 after the demise of his predecessor, Bruce Wasserstein.
Thus far this 12 months, international mergers and acquisitions exercise has shrunk to its lowest degree in additional than a decade, in accordance with knowledge from Dealogic, as market volatility, a troublesome regulatory setting, and rising rates of interest have stopped a number of offers of their tracks.
Funding banking items at giant Wall Road companies comparable to Goldman Sachs and Morgan Stanley (NYSE:) have reduce bonuses and laid off employees in latest months.
The Wall Road Journal first reported on the succession.