Lazard Toronto - Closing Shop?
The Globe and Mail recently published an article saying that Lazard is closing its 12-person Toronto IB office. Can anyone with sources/insiders confirm?
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Bump
Bump - what will happen to incoming interns?
They’ll obviously get paid by a non-existing entity and pretend to have a summer gig
Was this a new article? I was under the impression they had let go of a few people from their already small 12 person headcount
I haven’t personally heard any details, but the article made it seem like they were cutting back the vast majority of their Advisory team (and only keeping a few), with asset management in Toronto untouched
im not really surprised as Lazard has a history of fully opening and closing in Canada (they had an office that was shutdown in 2009, prior to reentering Canada in 2016). The current Lazard Toronto has very limited (any?) deal flow and is way overstaffed with 11 bankers supporting 1 MD.
Confirmed that it's a full shutdown/exit (asset management will remain but it has always been separate); G&M article a little ham-fisted (as are most G&M articles/journalists) calling it a 'vast reduction', but maybe that's cause there are guys like Wiseman who may be 'Canada' but are really NY-based (or affiliated). Interns/new hires should expect to be informed of their pending unemployment (or rather not informed at all and assumed they will just figure it out...).
Toss another fresh batch of banker supply into this already oversupplied market...
Can confirm they shuttered. Everyone laid off.
Bump
Does anyone know what will happen to incoming FT and summer analysts at LAZ Toronto?
Let's see which bank scoops up the MD
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