The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Mandelson becomes an investment banker

In his time as UK secretary of state for business, enterprise and regulatory reform, Lord Mandelson

In his time as UK secretary of state for business, enterprise and regulatory reform, Lord Mandelson sometimes found it necessary to castigate investment bankers with sharp words, once attacking then Barclays Capital chief executive Bob Diamond for deriving "unacceptable and quite obscene earnings" from work that consisted of merely "making deals, not building businesses" and with none of the virtues of true entrepreneurship. But Lord Mandelson is not one to hold grudges and within a year of this attack has become an investment banker himself of a sort, as a senior adviser to Lazard. The firm expects Mandelson to do roughly one day’s work a week for his undisclosed annual fee. "He’s not a full-time employee, but this is a proper job," says a Lazard source. "This firm doesn’t make ceremonial appointments. He’ll role up his sleeves, attend meetings, deal directly with clients at times."

Before making the offer, Lazard’s UK chief, William Rucker, had plenty of opportunity to observe Mandelson in action at close quarters. Lazard advised US acquirer Kraft on its contentious takeover of Cadbury last year.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?