Peter Orszag, incoming CEO of financial advisory Lazard, speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 2, 2023.
REUTERS/Mike Blake/File Photo Acquire Licensing RightsNEW YORK, Sept 14 (Reuters) - Two weeks before Peter Orszag takes the helm as CEO of Lazard (LAZ.N), he is already setting an ambitious goal for the investment bank to double its revenue by 2030.
Orszag outlined his plans for the 175-year-old firm in a memo to employees on Thursday, including a raft of personnel changes.
The revenue aspirations are being locked in at a time when sluggish dealmaking has weighed on earnings and prompted Lazard to eliminate 10% of its workforce.
Boosting revenue in asset management will require better distribution, improved investment performance and potentially an acquisition, Orszag wrote in the memo.
Persons:
Peter Orszag, Lazard, Mike Blake, ”, Orszag, Alexandra Soto, Chris Weideman, Lananh Nguyen, Varun
Organizations:
Milken, Global Conference, REUTERS, Lazard, Reuters, Apollo Asset Management, U.S, Thomson
Locations:
Beverly Hills , California, U.S, Europe, East, Africa