Profits at Lazard fell by almost 50% last year, as lower fees from mergers and acquisitions and costs from a reorganisation of its business weighed on the mid-sized investment bank, despite a strong finish to 2019.

Lazard reported net profits of $287m for 2019, a 46% decline on 2018. Full-year revenues of $2.5bn were 8% down on 2018, with its investment banking business shrinking by 10% to $1.4bn.