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 Cookies before 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.

Unbrotherly conduct

Last month, Kendrick Wilson, a vice-chairman of Lazard Freres in New York and one of the firm's most senior bankers, left to join Goldman Sachs. Goldman now boasts the strongest line-up of all financial-institutions groups in the US. Wilson, and Goldman's head of FIG, Christopher Flowers, are the two biggest names in the M&A advisory business. Wilson worked on several of last year's tie-ups between commercial and investment banks and was also involved behind the scenes in one of the biggest deals that got away, representing American Express in talks with Citicorp

Some attribute Wilson's departure to exasperation with the politics of Lazard. When Felix Rohatyn left to become US ambassador to France last summer, it left a vacuum at the top of the firm in New York. Wilson was regarded as one of the candidates to move up and become deputy chief executive to Michel David-Weill. Instead, media investment banker Steven Rattner was promoted.

David-Weill has been beset by succession issues following the departure last year from the bank in France of his son-in-law and one-time heir-apparent, Edouard Stern. In the US, he caused some resentment among the firm's investment bankers by courting two well-known outside deal-makers, Robert Greenhill and Bruce Wasserstein, to come in to run the group.

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?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree