Lazard Gets Clobbered By Its Own Clout

Only a few years ago, municipal bonds were one of Lazard Freres & Co.'s most prominent businesses. Now munis have been relegated to insignificance. Thus it was no surprise when the prestigious Wall Street firm told employees on Oct. 31 that it would decide by Dec. 1 whether to remain in the muni business. Many insiders believe that it will close the department.

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