Lazard CEO: M&A rebound still in the distance
Those anticipating a quick return to the heyday of mergers & acquisitions may have a wait a little while longer.
Lazard CEO Bruce Wasserstein told investors in a conference call that it would be four years before traditional M&A activity picks back up to earlier highs.
“We are planning for a gradual increase in traditional M&A activity, reaching the prior period highs in about four years,” Wasserstein said.
Lazard, which reported earnings on Wednesday, saw a bounce in M&A from the first quarter, but is still well behind the year-ago quarter.
In the meantime, the restructuring business is taking up some of the slack. The restructuring unit posted a record quarter with $93 million in operating revenues.
“The advisory business at Lazard is now much broader than M&A,” Wasserstein said.
Photo Courtesy of Lazard.com