(AOF) – Lazard has announced the appointment of Peter R. Orszag as Chief Executive Officer, effective October 1. He replaces Kenneth M. Jacobs, who had served as CEO of the bank since November 2009. Kenneth M. Jacobs will remain as Executive Chairman and continue to advise clients on strategic financial matters. Peter R. Orszag previously led the financial advisory arm of Lazard since 2019.
“Peter is the best choice to become Lazard’s next CEO,” said Lazard Director Richard D. Parsons. “During his career in banking and government, Peter has proven himself to be a strategic, visionary and decisive leader, with strong relationships across the industry and the ability to effectively lead Lazard through changing global markets. and complex geopolitical dynamics”.
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The negative effects of rising interest rates
The rise in interest rates normally causes an increase in bank income through the loans granted. In Europe, according to a survey conducted by S&P among 85 banking establishments, the sector expects an average increase of 18% in its net interest income. However, this new inflationary context also has undesirable effects, in particular an increase in refinancing costs. It is also accompanied by the fear of a new recession, which would then affect all the bank’s businesses, ranging from loans to asset management, whose income is correlated to market valuations. Reassuring element: the banks of the euro zone are sufficiently solid to face a deterioration of their environment.