Bruce breaches Lazard fortress
Euromoney, is part of the Delinian Group, Delinian Limited, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2024
Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement
Opinion

Bruce breaches Lazard fortress

       
Wal-Mart: Wasserstein jumped in at the last
minute to claim the deal

Speaking to Euromoney in April 1993, Lazard chairman Michel David-Weill expressed a fear of "mercenaries - the people who would come to the firm to make money". His appointment of Bruce Wasserstein as Lazard's chief executive suggests that he has either overcome his distaste for money-grubbers or that the firm is doing so badly that its very survival depends on having a few more of them on board.


This marriage of feudal lord and mercenary raises questions, not least about Lazard's future. The 250-year old firm's continuing independence is said to be David-Weill's unshakeable oath. But colleagues argue that Wasserstein's urge to maximize his fortune will drive him to find a way to sell it. Observers suspect he has given an undertaking to keep the firm independent. But one speculates: "Bruce will be very clever at galvanizing things.


Gift this article