Lazard Ltd., the largest independent merger-advisory firm, posted fourth-quarter profit that beat analysts’ estimates as asset-management revenue rose to a record.
Lazard Ltd. Chief Executive Officer Kenneth Jacobs said regulatory changes to the U.S. banking industry were “necessary” and “appropriate” in the wake of the financial crisis.
Lazard Ltd., the biggest independent merger-advisory firm, said second-quarter profit rose 81 percent, beating analysts’ estimates as revenue from asset management and merger advice increased.
Billionaire Nelson Peltz criticized Lazard Ltd.’s pay and cost structure in meetings with senior executives before he disclosed a 5.1 percent stake in the advisory firm this week, said people familiar with the matter.
"Antonio has advised many clients over many years, and I think more than anybody in our business, he is focused on what is best for the client."
- Kenneth Jacobs on Nov 20, 2014