Finance
Lazard to Cut Workforce 10% as CEO Sees Slump Through 2023
- ‘It’s time to act,’ Chief Executive Officer Ken Jacobs says
- Firm’s financial-advisory revenue misses analysts’ estimates
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Lazard Ltd. posted a surprise loss for the first quarter and said it plans to reduce its workforce by 10% this year, predicting the industry’s dealmaking slump will last through 2023.
“Candidly, things are not feeling as good as they were in December or January,” Chief Executive Officer Ken Jacobs said in a telephone interview Friday. “It’s time to act. That’s basically it.”