Lazard is still hiring, but pay has bounced back now, too
Lazard had a good first quarter and a great second quarter. Although at this rate adjectives will soon run out, the bank reported a pretty fantastic third quarter, too.
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People there are pretty happy. Lazard paid its staff $143k per head in Q3 of 2024, roughly on par with Q2 of this year and a whole 34% higher than the average pay in Q3 of 2024.
The bank has paid its staff $452k per head in the first three quarters of this year, an 11% increase on the $408k per head paid in 2023.
The increase in pay was driven by Lazard's dealmaking prowess. Revenues were up 50% in Q3 of 2024 compared to last year, and up 31% up in the first nine months of the year.
Although the bank added around 80 new faces in Q3, many of them likely students, it hasn’t been hiring excessively. Although Lazard didn’t disclose the exact number of MDs that joined the bank this quarter, CEO Peter Orszag (a former Obama administration staffer) said that the firm’s strategy was gaining momentum, with “16 new Managing Directors hired year-to-date and our work with private capital expanding.”
Lazard has been looking to bolt on a private credit firm to its asset management arm since at least June, but hasn't struck gold quite yet. It also recently added Fabien Antignac from UBS as co-head of European debt advisory and capital solutions to its advisory team.
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