Lazard's new chief executive, Peter Orszag, said it needs to "aim higher" as he prepares to shake up the strategy of the independent investment bank after its first leadership change in 14 years.

Peter Orszag, who is currently chief executive of Lazard's advisory business, has been installed as the bank's new chief executive, it said in a statement. In a memo outlining his priorities for the business, seen by Financial News, the former White House adviser said that he will strip out a layer of management within its investment bank, look to expand its asset management unit and embrace more technology in dealmaking.