Lazard Is Cutting Costs as Economic Outlook Remains Uncertain

Given the lack of corporate confidence and lack of merger activity, Lazard will likely experience a decent decline in revenue in 2023, and the company started an expense savings initiative to offset some of the profit decline. Approximately 55% of Lazard’s net revenue is from acquisition and restructuring advisory, with the remaining 45% coming from institutional asset management. Restructuring revenue will increase in a recession, but it won’t fully offset a decline in acquisition advisory revenue.