Lazard Ltd. is planning to close multiple offices in Latin America to cut costs amid a slowdown in the merger-and-acquisition advisory business, according to people familiar with the matter.
(Bloomberg) — Lazard Ltd. is planning to close multiple offices in Latin America to cut costs amid a slowdown in the merger-and-acquisition advisory business, according to people familiar with the matter.
Countries affected are Argentina, Chile, Colombia, Peru and Panama, regions with relatively low deal flow, the people said, asking not to be identified discussing non-public information. The firm will cover those markets from New York, London, Brazil or Mexico, the people said.
About 50 people will be affected by the moves, including roughly 20 employees in Argentina, five in Chile and five in Colombia, some of the people said, adding that some of those workers will be transferred to other locations. The company’s presence in Mexico and Brazil will be maintained, and no job cuts are expected in those countries, according to one person.
The cuts are part of Lazard’s plan to reduce its workforce by 10% this year after the firm posted a surprise loss for the first quarter.
“Candidly, things are not feeling as good as they were in December or January,” Chief Executive Officer Ken Jacobs said in an interview after results were released.
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