As part of its cost-cutting efforts, Lazard intends to reduce its global workforce by 10 percent. The reduction is said to impact all of its operations, including financial advising, corporate, and asset management.
The firm is executing measures to save on costs and to adjust to the current circumstances. Furthermore, the cut will help the company create room for investments in the business and offer flexibility for future strategic moves.
The asset management company incurred a cost of $21 million in the first quarter in relation to the cost reduction measures, and the firm anticipates incurring an additional charge of approximately $95 million. The representative confirmed that this $95 million will be a supplementary charge throughout the year and will be excluded from the company’s adjusted results.
Lazard had 3,402 workers as of December 31, according to its yearly report, indicating that roughly 340 jobs could be eliminated.
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