Anyone else can corroborate Lazard letting go a lot of associates throughout MM segment and the regular segment too? Heard through grapevine they are chopping heads. Is it hitting analysts too?
Mod note: See related discussions here https://www.wallstreetoasis.com/forums/bad-time-t…, and here https://www.wallstreetoasis.com/forums/soft-fired…
| +228 | UBS Accused of Favoring H-1B Workers While Cutting U.S.-Born Employees | 55 | 8h |
| +134 | ONLY THESE BANKS OR YOU STRUCK OUT | 36 | 35m |
| +111 | IB Energy Drink Tier List / Ranking | 73 | 21h |
| +91 | PJT M&A Group Selection 2026 | 14 | 2d |
| +59 | Firm Thinks I'm Lying About Offer | 18 | 1d |
| +51 | Feedback for internship first desk at IBD BB - personal fit, "don't be too confident" | 29 | 2d |
| +44 | Indiana University Fraternity Pipelines | 29 | 33m |
| +39 | Stay at Weak Dealflow Team or Lateral? | 12 | 3h |
| +32 | Rogo AI | 12 | 3h |
| +31 | Elite Boutique interview questions | 8 | 5h |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
No analysts, just associates. Was a handful in MM across NY, Chicago, Minny. Was more wide-spread at LAZ than LMM.
Any insight as to why they are getting chopped? Feel like I'm hearing a lot of firms are starting to roll heads... harbinger of things to come across markets?
Cost-cutting. Not sure, but M&A seems quite strong at the moment in many pockets.
It's a service business at the end of the day. Scale & slice.
prepare for downturn. the bubble is gonna pop soon.
I wasn't in the business during the last recession, but is there any difference between the disgusting amount of capital available (among corporates or sponsors) now vs. then (circa 2007)? I get that asset repricing is going to delay that capital being put to work to a degree, but it just seems like the floor is not that far down.
I don't have much to back this up (and someone who was in IB around 2008 can confirm) but I'd think Analysts are relatively safe from layoffs. You always need an analyst (i.e. cheapest grunt labor you can get) and a MD on a deal. You can probably live without an associate if you have a good VP who can roll up their sleeves.
This is assuming there is adequate deal flow..
Analysts are safer but they also absolutely get cut during downturns. And they did in last recession.
If you’re a strong performer - you should be fine.
The opposite I would think.
You don’t need a VP if you have a good associate/senior associate and they’re cheaper
True but if you've ever been on an analyst/associate/MD team (I have after a VP left), it doesn't work unless the MD is extremely involved. A VP should be able to QB essentially the entire thing (outside of negotiations, final SPA stuff, etc.). An associate probably can't do that or isn't trusted to do that.
One issue is firms are starting to promote analysts after 2 years now. Once they get the Associate title, they don't realize that they're actually A3s or ASO 0s. In any case, firm haven't adjusted the pace of promotion to VP. Hence, there's a thick layer of ASOs at firms now.
There’s some trimming going on across the board. The trimming is associate and up - analysts get comped off cycle. 1Q leveraged finance activity was light and there’s also a huge pipeline of tech IPOs that’s now being probability aeighyed down given recent events
UPDATE on Lazard situation from inside source: "...cutting across the whole firm, so MM and large-cap... It affected all levels and performers (weak to top). About 1/3 of the firm was chopped, and the Chicago office was eviscerated."
1/3 of Laz was chopped? That's such a massive proportion of its, presumably, FO staff that's almost hard to believe..
Jesus... Hold on to your hats folks, things are getting shaky.
Doesn’t Lazard Middle Market have much more headcount than Real Lazard in Chicago?
If so, this makes sense as the middle market firms tighten up for a recession.
1/3 of IBD FO?
I think we're at the beginning of something bigger here.
Lazard is currently downsizing their India operations and recently some of the senior directors have joined other firms. Dunno why they would do this when they have been doing very well here tbh
Easy on the recession rhetoric. No one on this thread has mentioned that Lazard lost George Bilicic to Sempra Energy this year. Huge deal maker for the firm.
deleted
Cupiditate sint aut et aperiam qui cum. Aperiam hic sit id. Sint dolorem aut aut maxime possimus ut voluptatem sint. Odit numquam quisquam assumenda nemo repudiandae optio qui dolore. Nisi ex impedit iure illum explicabo amet. Ut autem consequatur sunt eveniet doloribus nemo maxime.
Rem et deserunt cupiditate et ipsam quaerat perspiciatis. Est excepturi reiciendis voluptatem sed. Nemo voluptatem ad eum aut. Voluptatem quam consectetur et nulla aut sapiente voluptatibus. Praesentium omnis doloribus autem consequatur.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Velit quisquam laborum dignissimos maxime voluptatem voluptates inventore. Laudantium repudiandae dolor eius rerum ut. Voluptatem voluptas deleniti voluptas eum. Nemo explicabo autem laborum. Tempora sint beatae est laudantium quo fuga est. Assumenda non magni pariatur recusandae. Voluptatem unde est quia ipsum.
Totam facere architecto cumque aperiam aut voluptates fugit rerum. Ratione qui voluptatum vel natus. Eos ab dolores est et sapiente ut rerum. Et blanditiis est tempore voluptatum voluptatem at occaecati rem.