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Morgan Stanley co-presidents Ted Pick and Andy Saperstein are widely viewed as the front-runners for the top job, with Pick seen as having a slight edge, the person said. A Morgan Stanley spokesperson declined to comment, as did Gorman, Pick, Saperstein and Simkowitz when contacted directly. SUCCESSION PLANNINGSince taking the helm, Australian-born Gorman, 64, has transformed Morgan Stanley through a series of major deals into a wealth management powerhouse that aims to manage $10 trillion in assets. Pick, 54, heads Morgan Stanley's institutional securities group, overseeing areas including investment banking, equities and fixed income. Saperstein, 56, is in charge of the wealth management unit that has bolstered Morgan Stanley's profits in recent years.

Persons: Morgan Stanley's, James Gorman's, Gorman, Morgan Stanley, Ted Pick, Andy Saperstein, Pick, Dan Simkowitz, Morgan, Merrill Lynch, You've, you've, Peter Orszag, Kenneth Jacobs, JPMorgan Chase, Jamie Dimon, Brian Moynihan, Lananh Nguyen, Paritosh Bansal, Megan Davies, Jamie Freed Organizations: YORK, U.S . Securities, Exchange Commission, U.S, Attorney's, Southern, of, McKinsey, White House, JPMorgan, Bank of America, Thomson Locations: London, New York, of New York, Australian

☆ Wall Street's succession summer
▼ + stars: | 2023-05-30 | by ( Kaja Whitehouse | ) www.businessinsider.com time to read: +5 min

But first, it's the summer of succession — and no, we're not talking about the TV show. Wall Street CEOs pretend that succession planning is another chore, like hashing out the annual budget or organizing an earnings call. But behind the boring press announcing their succession plans is often a story of intrigue and drama. And then, of course, there's Jamie Dimon, Wall Street's longest-serving CEO. Earlier this week, Insider highlighted 17 young analysts poised to shine.

☆ Lazard's new CEO once inspired a fan blog called Orszagasm.com. Here are 5 fascinating facts about Peter Orszag, Wall Street's newest chief.
▼ + stars: | 2023-05-26 | by ( Kaja Whitehouse | ) www.businessinsider.com time to read: +1 min

Peter Orszag has been named CEO of investment bank Lazard, effective October 1. Orszag is best known as Barack Obama's director of Office of Management and Budget. Investment bank Lazard announced on Friday that Peter Orszag, CEO of its financial advisory business, would replace Kenneth Jacobs as CEO. But he is also no ordinary Wall Street CEO. He only made the switch to Wall Street from Washington in 2011.

☆ Lazard reports surprise loss on dealmaking slump, cuts jobs
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +2 min

The company also warned of an uncertain outlook for the year and said it would eliminate around 10% of its workforce in 2023, which could result in additional costs of around $95 million. M&A volumes nearly halved in the first quarter from a year earlier, according to data from Dealogic. "Slower M&A activity resulted in significantly lower revenues in the quarter and the outlook for the year remains uncertain," said Lazard CEO Kenneth Jacobs. On an adjusted basis, Lazard reported a loss of $23 million, or 26 cents per share, compared with a profit of $115 million, or $1.05 per share, a year earlier. Analysts had expected a profit of 26 cents per share, as per Refinitiv IBES data.

☆ Lazard reports loss as dealmaking slumps, cuts jobs
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +2 min

April 28 (Reuters) - Lazard Ltd (LAZ.N) on Friday reported a loss in the first quarter as sluggish dealmaking due to economic uncertainty, exacerbated by the banking crisis last month, eroded the investment bank's fees. Its cost-saving measures resulted in a $21 million charge in the first quarter. Global dealmaking activity shrank to its lowest level in more than a decade in the first quarter, with M&A volumes nearly halving from a year earlier, according to data from Dealogic. As a result, Lazard's operating revenue from its financial advisory business fell 29% to $274 million in the first quarter. "Slower M&A activity resulted in significantly lower revenues in the quarter and the outlook for the year remains uncertain," said Kenneth Jacobs, the company's chief executive.

☆ Lazard CEO warns of more Wall Street layoffs
▼ + stars: | 2022-12-07 | by ( Manya Saini | ) www.reuters.com time to read: +2 min

[1/2] The Charging Bull or Wall Street Bull is pictured in the Manhattan borough of New York City, New York, U.S., January 16, 2019. Rivals Goldman Sachs Group Inc (GS.N) and Citigroup Inc (C.N) have also culled some staff. Elsewhere on Wall Street, BlackRock Inc (BLK.N), the world's largest asset manager, has also frozen hiring except in critical roles. "When I talk to our clients, they sound extremely cautious," Goldman Sachs CEO David Solomon told investors Tuesday. Reporting by Manya Saini and Noor Zainab Hussain in Bengaluru; Additional reporting by Lananh Nguyen in New York; Editing by Krishna Chandra Eluri, Lananh Nguyen and Anna DriverOur Standards: The Thomson Reuters Trust Principles.

☆ Wall Street cuts jobs as grim economic reality sets in - Lazard CEO
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: 1 min

Dec 7 (Reuters) - Wall Street banks are adjusting to a more sluggish economic environment by laying off staff even as they compete to retain and recruit top talent, Kenneth Jacobs, Chief Executive Officer of Lazard Ltd (LAZ.N), told investors at a conference Wednesday. "Reality is starting to set in," said Jacobs, who was speaking generally about job cuts that were being reported across the financial industry. Reporting by Lananh Nguyen in New York and Manya Saini and Noor Zainab Hussain in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

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