Independent investment bank Lazard has seen a huge uptick in restructuring work in the wake of the coronavirus pandemic, which its chief executive said will provide an “important buffer” as mergers and acquisitions activity has slumped.

Ken Jacobs, chief executive of Lazard, told Financial News that the bank is currently working on 75 restructuring assignments and that its bankers – who would typically advise on M&A work – have made the switch across. He added this was “way up” on activity earlier this year.