Lazard has offered multi-million-dollar guarantees for the next three years to its most senior directors even though it is planning to cut the average pay for the rest of its staff.

The guarantees for Lazard's five executive directors are disclosed in the latest version of the bank's prospectus for its forthcoming $950m (€732m) flotation. It is unclear whether other senior managers have been offered guarantees, which are unusual for senior management of a public company.