Lazard looks set to make a £20m (€28.8m) profit by merging its Panmure Gordon UK broking subsidiary with Durlacher, a UK broking boutique.

Lazard effectively bought Panmure from German bank WestLB for $1.58m (€1.21m) in legal fees a year ago, according to the S-1 filing which Lazard lodged with the SEC late last year.

Victor Kremer

Lazard

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https://images.fnlondon.com/im-88462949?size=1.5

Former Goldman Sachs MD Amar Kuchinad joins crypto firm Copper as CEO

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Kirkland has been raided by Paul Weiss since it kicked off its English law offering last summer

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https://images.fnlondon.com/im-93271833?size=1.5

The French bank has added a further two managing directors amid reshuffle in UK deals team

The regulator’s former enforcement director becomes a partner at Milbank after three years pushing fines higher at the SEC.

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Inflation in the U.K. fell below the Bank of England’s 2% target in September for the first time in more than three years, making an interest-rate cut next month more likely.

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The regulator said it is concerned that the part of the market that allows people to pay for insurance in installments might not be providing fair value to more than 20 million customers.

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Chinese stocks have gone from ice-cold to red-hot in a matter of weeks, but it might be driven by momentum rather than enough stimulus to solve China’s economic woes.

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Lazard's £20m Panmure profit

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