Lazard is facing legal action from Banca Intesa, its partner in an Italian joint venture, following the departure of Gerardo Braggiotti, its former chairman of Italy and chairman of its European business. Lazard said it would countersue if the action goes ahead.

Lazard said in an SEC filing that Intesa intends to "commence arbitration proceedings" in order to obtain early termination of the joint venture "as a result of the separation and recapitalisation transactions and management changes at our Italian business." Braggiotti left the bank last month.