Lazard

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Lazard

Type	Public (NYSE: LAZ)
Founded	1848
Headquarters	New York
Key people	Bruce Wasserstein, Chairman & CEO
Industry	Investment services
Products	Financial Services Investment Banking Investment management
Revenue	$1.39 billionUSD (2006)
Net income	$80 million USD (2006)
Employees	2,200 (2006)
Website	www.lazard.com

Lazard Ltd. NYSE: LAZ is the parent company of Lazard LLC, a New York-based, independent investment bank with approximately 2,200 employees in Europe, North America, Asia and Australia. Lazard was founded in 1848, and remained privately held until May 5, 2005, when the company conducted an initial public offering of its shares. In connection with its IPO, Lazard spun off its securities underwriting business, Lazard Capital Markets, which is now an independent firm.

1 History
2 Management
3 Notable employees
- 3.1 Business
- 3.2 Politics and public service
4 External links
- 4.1 Data
- 4.2 Articles

[edit] History

Lazard's origins date back to 1848 when the founders, the Lazard brothers, Alexandre Lazard, Simon Lazard, and Elie Lazard, moved to the United States from France, and formed Lazard Frères & Co. as a dry goods business in New Orleans, Louisiana, with a combined contribution of $ 9,000. Shortly thereafter, the Lazard brothers moved to the gold rush town of San Francisco, California, where they opened a business selling imported goods and exporting gold bullion. The business progressively became involved in financial transactions, first with its retail clients and then increasingly with commercial clients. Over time, the business expanded into the banking and foreign exchange businesses.

Seeking to expand operations to Europe, the Lazard brothers opened offices in Paris and London in 1858 and 1870, respectively. By 1876, Lazard’s businesses had become solely focused on providing financial services. In 1880, Alexander Weill, the founding brothers’ cousin, assumed control of Lazard.

The period between the two wars saw Lazard ensuring a supremacy in the banking world under the direction of Raymond Philippe, followed by André Meyer

Post World War II saw the American operations expand significantly as a merger and acquisitions specialist under the leadership of André Meyer and Felix Rohatyn.

Lazard has advised on several large and significant transactions, including Pfizer/Pharmacia and Pfizer/Warner Lambert. Recently, Lazard announced that it is advising Carl Icahn on his attempts to break up Time Warner.

In May 2005, Lazard went public under the leadership of Bruce Wasserstein, ending over 150 years of private owership.