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The Raising of Lazard

Peter Orszag, C.E.O. of Lazard, speaks during the Milken Institute Global Conference in Beverly Hills, California, on May 2, 2023.
The problem that Orszag has to confront is that once upon a time, when the firm was run by the likes of André Meyer, Felix Rohatyn and Michel David-Weill, it consistently punched above its weight. Photo by PATRICK T. FALLON/AFP via Getty Images
William D. Cohan
January 3, 2024

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 14 years, also without a clear successor.