Lazard is set to cut 10% of its employees after the independent investment bank posted a loss of $22m in the first quarter amid a challenging period for dealmaking.

The bank said that it is implementing cost-saving initiatives to "right-size for the current environment" and allow it to make investments in some areas in which it wants to grow. Lazard had around 3,400 employees globally at the end of 2022, which means around 340 employees will leave as a result of its restructuring.