Independent investment bank Lazard is set to hire more senior bankers despite a downward shift in the dealmaking boom that has seen larger competitors cut costs.

The bank is aiming for 10-15 managing director hires over the course of this year, Peter Orszag, chief executive of Lazard's advisory business told Financial News. "We have been actively recruiting, and as the market shifts there are even more opportunities to find really talented people on compensation terms that we find acceptable," he said. "There are several priority areas for growth and we're going to invest throughout the cycle."