Lazard releases financial results
by Richard Kilner
Story link: Lazard releases financial results
International financial advisory and asset management firm Lazard has announced its results for the full-year and Q4 of 2008.
Financial advisory operating revenue for the year fell from $1.24bn in 2007 to $1.02bn, and for Q4 from $393.1m to $252.4m.
The operating revenue for M&A and strategic advisory services, restructuring and asset management services were also all down, both on an annual and quarterly comparison with the corresponding periods during 2007.
Net income for the year per diluted share was $1.72 down from $2.77 for 2007.
The fourth quarterly income fell from $1.04 to $0.5 per diluted share.
Bruce Wasserstein, CEO and chairman, has stated that the tumultuous year for investment banking had played a part in the firm’s performance.
Wasserstein went on to express his pleasure that although the firm’s revenue was down compared to the previous year it had nevertheless performed relatively well in light of the general performance of the sector.
Recently investment firm Piper Jaffray released its own results, which revealed a loss for both Q4 and the full-year of 2008, although the loss was largely due to significant items.
Other financial institutions have also recently recorded losses, particularly for the fourth quarter of 2008.
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