The investment bank Lazard is positively attacking 2024 by publishing on Thursday a record turnover for a first quarter, driven by financial consulting, and a net profit of 36 million dollars, compared to a loss of 22 million at the same time last year. last.
The bank’s turnover increased by 41% over one year between January and March, to $765 million, thanks to a recovery in the mergers and acquisitions market.
Lazard’s record turnover in the first quarter reflects the improvement in the mergers and acquisitions environment, Lazard boss Peter Orszag, in office since last October, commented in a press release.
Financial advice, the bank’s flagship activity, is indeed recovering with an almost doubling of its turnover over one year, to 454 million euros.
The consulting activity is an inherently volatile activity, with more or less favorable periods for mergers and acquisitions.
The comparison with 2023 is all the more striking since the tightening of financial conditions and geopolitical uncertainty had cast a chill on the market last year.
Asset management, Lazard’s other main business, held up well, with turnover up 4% year-on-year, to $295 million.
In 2023, the bank lost $75 million, a first in a calendar year since 2009, for a turnover of $2.52 billion (-9%).
For comparison, its long-time competitor Rothschild earned 275 million euros in profit last year, for an almost identical turnover of 2.54 billion euros (-15% over one year).
Lazard has also completed its workforce reduction phase involving 10% of its 3,400 employees by the end of 2022, announced a year ago.
On September 14, Mr. Orszag shared with employees his ambition to double the turnover of the Franco-American investment bank by 2030.
Rumors of a withdrawal from the group’s listing circulated last year, after the announcement of that of its historic competitor Rothschild.