Deals at Historic High Despite Recession Risk, Lazard CEO Says

Lazard Ltd. Chief Executive Officer Ken Jacobs said clients are involved in more dealmaking conversations, pushing activity to historic levels even as the risk of recession rises.

“Increasingly one has to have that in your sights, for no other reason than when you see interest rates going up,” Jacobs said Thursday in a telephone interview after the company released first-quarter results. With the Federal Reserve raising borrowing costs, “you have to believe there’s going to be some impact on the economy,” he said. “The question is, Is it a slow down? Is it a soft landing?”