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

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.

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