Discover your dream Career
For Recruiters

Lazard's "crazy" hiring also seems to be paying off

It's not just Deutsche Bank that's been practicing the art of adding staff to grow revenues. Lazard has embarked upon a similar path. Today's Lazard results, suggest it's working there too.

Get Morning Coffee  in your inbox. Sign up here.

Lazard doesn't break out its headcount on a quarterly basis, but in line with chief executive Peter Orszag's intention of adding 10 new managing directors (MDs) a year (net), Lazard has been hiring. In the past few months, it's added Adam Cady from Bank of America for large cap sponsor coverage, Charles Noel-Johnson, Jason New and Kevin Glodowski for restructuring and Ali Syed from Citi to cover sovereign wealth funds. 

Given that Lazard MDs are on salaries of $400k+ and that even average individuals there have been known to earn $500k all-in, you might think Lazard's profits would be dented by this hiring. But the jaws are positive.

In the first quarter, revenues at Lazard rose 40% year-on-year, operating expenses rose 23% and profits went from a $22m loss to a $36m profit. 

Suddenly, Orszag's growth strategy, previously dubbed "crazy," seems entirely sane. 

Lazard is hiring still. Orszag wants to use all the new MDs to double revenues by 2030. If they continue to generate new business at the current rate, this target will be hit five years ahead of time.

Have a confidential story, tip, or comment you’d like to share? Contact: +44 7537 182250 (SMS, Whatsapp or voicemail). Telegram: @SarahButcher. Click here to fill in our anonymous form, or email editortips@efinancialcareers.com. Signal also available.

Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)

 

author-card-avatar
AUTHORSarah Butcher Global Editor

Sign up to Morning Coffee!

Coffee mug

The essential daily roundup of news and analysis read by everyone from senior bankers and traders to new recruits.

Boost your career

Find thousands of job opportunities by signing up to eFinancialCareers today.
Recommended Articles
Recommended Jobs

Sign up to Morning Coffee!

Coffee mug

The essential daily roundup of news and analysis read by everyone from senior bankers and traders to new recruits.