Lazard Plans to Hire More Dealmakers This Year After Record Profit

(Bloomberg) -- Lazard Ltd., the investment bank run by Ken Jacobs, is planning to hire more dealmakers and invest in growth this year after posting record profit. 

“It's filling in white spaces, some of them in the U.S. and some of them in Europe,” Jacobs, the firm's chief executive officer, said Thursday after the company reported earnings that climbed to an all-time high in both the fourth-quarter and in 2021.

While Jacobs said the number of new additions will depend on the market, his plan for 2022 comes after a spate of hiring last year. “Where hiring was really tough, we managed to add 20 new managing directors and advisers,” he said in a phone interview. 

Lazard, one of the world's top 10 merger-and-acquisition advisers, has also been adding executives at its asset-management division by bringing on board teams of money managers. A market rotation away from speculative stocks into value investments is “probably a good thing” for the firm, and could contribute to more opportunities to add talent, Jacobs said. 

Lazard's operating revenue during the fourth quarter reached a record $968 million, beating analysts' estimates. Revenue surged 24% for the year to $3.14 billion, with banker pay jumping along with it. Awarded compensation of $1.85 billion was 22% higher than the year before. 

Read a snapshot of Lazard's fourth-quarter earnings

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