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HomeLatest NewsLazard names Peter Orszag, former Obama adviser, CEO to relaunch the bank

Lazard names Peter Orszag, former Obama adviser, CEO to relaunch the bank

Date: June 5, 2023 Time: 05:15:07

Change in the dome of one of the greats of Wall Street. The French investment bank Lazard has announced this Friday the appointment of Peter Orszag as its next original CEO (CEO) to relaunch the entity’s activity in global markets. He will replace Ken M. Jacobs in the position as of October this year, who will bring together all the power of the bank and will become president with executive functions, in addition to continuing to lead the board.

Lazard hands over the steering wheel of the bank to a former adviser to the president of the United States, Barack Obama, where he held positions as head of the economic area and is closely linked to the Democratic Party through figures such as Larry Summers and was director of the Congressional Budget Office. so (CBO, for its acronym in English) so much on everyone’s lips these days for its role in the negotiation of the public debt ceiling in the United States that is about to lead it to ‘default’.

The new head of Lazard was since 2019 responsible for the advisory area for companies and governments from the subsidiary Lazard Freres & Co LLC. Previously, he was director of mergers and acquisitions for North America and a senior manager in the wealth management area. Orszag has a degree in economics from Princeton University and a PhD from the London School of Economics. He is married to Moldovan CNN journalist Bianna Golodryga, who specializes in economic affairs and has hosted shows on ABC News and Yahoo Finance.

Problem before the competition

Lazar seeks to revitalize its position in business banking, mergers and capital markets in a scenario increasingly dominated by firms such as JPMorgan, Goldman Sachs, Morgan Stanley, Citi, Deutsche Bank and UBS, which will now also include Credit Suisse. It also suffers from competition from emerging firms such as Evercore, PJT Partners and even Spain’s Banco Santander.

Lazard accumulates a 20% fall in the stock market in the last year due to the fall in its banking activity. Orszag, who has been with the bank since 2016 and leads its financial advisory business, will take up the role in October, succeeding Jacobs, who has held the reins as CEO since late 2009.

Lazard has its headquarters in New York and Paris. Not going through its best moment after incurring losses in the first quarter and after announcing the dismissal of up to 300 bankers from the entity, 10% of its workforce.

“It has been the highlight of my professional career leading Lazard for the past 14 years and an honor to have worked with such a talented and dedicated global team during my tenure. I look forward to continuing to work alongside the Board, Peter, Evan and the management team, as well as Lazard’s colleagues in business with clients around the world,” Jacobs said in a statement.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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