Lazard’s Jacobs Says Banking Industry Regulatory Changes Were ‘Necessary’ Lazard Ltd. (LAZ) Chief Executive Officer Kenneth Jacobs said regulatory changes to the U.S. banking industry were “necessary” and “appropriate” in the wake of the financial crisis. “There needs to be some separation of the activities that people do for their own account versus the ones that they do on behalf of clients,” Jacobs, 53, said today in an interview on Bloomberg Television’s “Conversations With Judy Woodruff,” airing this weekend. Regulatory changes “were necessary.
And I think from that standpoint, they’re appropriate.” The biggest U.S. banks are grappling with an overhaul of the financial system through the Dodd-Frank Act and the so- called Volcker rule, named for former Federal Reserve Chairman Paul Volcker. The rule, which takes effect in 2012, will limit banks from trading on their own behalf and from investing in private-equity and hedge funds. “Wall Street is just not going to be as profitable as it used to be,” he said. Close Open Source: Lazard Ltd. via Bloomberg. Lazard CEO Jacobs Interview With Judy Woodruff - Video. Lazard Ltd (LAZ:US) Stock Quote & Analysis. Lazard (LAZ) Lazard (LAZ) is a leading international financial advisory and asset management firm. On the financial advisory side of their business, Lazard advises clients on financial matters such as mergers and acquisitions, restructurings and other complex transactions. The asset management division manages investments for a wide range of investors including institutions and high-net worth individuals.
It invests this money across equities, fixed income, alternative investments, cash and merchant banking funds. Business Financials In 2009, Lazard incurred a net loss of $130.2 million on revenues of $1.53 billion. Lazard operates through two reportable business segments. Trends and Forces Business Cycles Subprime Lending Subprime lending refers to the practice of extending credit or loans to borrowers who fail qualify for prime or market rates due to their less than optimal credit scores. Competition Lazard competes head-to-head with larger investment banks such as Notes.
Lazard - Wiki. Lazard (NYSE: LAZ) is a global financial advisory and asset management firm that engages in investment banking, asset management, and other financial services primarily with institutional clients. Lazard was founded in 1848 and has its global headquarters at 30 Rockefeller Center in the Midtown Manhattan area of New York City. It operates from 41 cities across 26 countries in North America, Europe, Asia, Australia, Central and South America. The firm provides advice on mergers and acquisitions, strategic matters, restructuring and capital structure, capital raising and corporate finance, as well as asset management services to corporations, partnerships, institutions, governments and individuals.[1] Business overview[edit] Financial advisory[edit] Lazard advises clients on a wide range of strategic and financial issues.
Asset management[edit] History[edit] Early years[edit] In 1854, Alexandre Lazard moved to Paris, France, where he opened an office to complement the U.S. business. Books[edit] Lazard Ltd - One Of The World's Preeminent Financial Advisory And Asset Management Firms.