Investment Banking

Lazard’s UK profit slides 62% as hiring spree sees pay costs jump

The independent investment bank booked £38m in deferred compensation costs

Monday 7 October 2024 at 11:15

Peter Orszag, chief executive officer of Lazard, has pledged to hire more senior bankers
Peter Orszag, chief executive officer of Lazard, has pledged to hire more senior bankers Photo: Michael Nagle/Bloomberg via Getty Images

Lazard’s UK business saw a 62% drop in profit last year as a hiring spree at the independent investment bank pushed up compensation costs.

The bank brought in £268.3m in revenue for its UK operation last year, down 5% from a record 2022, according to newly released accounts. Its profit slipped to £26m for 2023, down from £68.9m a year earlier, which was also a record high.