Once upon a time, when Lazard was run by the likes of AndréMeyer, FelixRohatyn, and Michel David-Weill, it consistently punched above its weight, despite being a small private advisory partnership. But in recent years, its direct competitors have been more or less eating its lunch. Can PeterOrszag, the former Obama budget czar, who took the top job three months ago, restore Lazard’s luster? In today’s issue, I caught up with Orszag to hear about how he’s settling in, and his bold agenda for the firm.
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Peter Orszag, the new Lazard C.E.O., has an ambitious plan to double revenue by 2030. But can the former Obama aide transform an eccentric culture by emphasizing productivity, recalibrating fee structures, culling underperformers, and bringing in some rainmakers? He thinks so…
Wall Street, understandably, often has trouble with succession. Who in their right mind would voluntarily relinquish a top job that pays many millions and requires everyone to hang on your every word? Very few, it turns out. Why do you think Jamie Dimon, now 67 years old and in his 20th year at JPMorgan Chase, sticks around, without a clear successor? Brian Moynihan, 64, remains atop Bank of America after...
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