DealZone

The mid-size investment bank has named Kenneth Jacobs as CEO and chairman, reinforcing an institutional commitment to dealmaking since the death of legendary Wall Street wizard Bruce Wasserstein. Jacobs has been with the firm for more than two decades and touts an in-the-trenches approach to running the firm. He joined Lazard in 1988, was named a partner in 1991 and became deputy chairman in 2002.

Steven Golub, interim chief executive since Wasserstein’s death, will continue as Lazard vice chairman and chairman of its financial advisory group. Ashish Bhutani and Gary Parr will become directors and vice chairmen. Bhutani will continue as CEO of Lazard Asset Management. Parr is a deputy chairman. Steven Heyer, a director since Lazard’s initial public offering in 2005, will become lead director, a new board position.

While Jacobs’ ascension was widely anticipated, it will be interesting to see if other senior execs stay with the bank, given that the new boss is only 51 and will presumably be in the top spot for some time.

Any regrets about the now-infamous birthday party, Steve?

That was the question asked by Fortune Magazine’s Andy Serwer at an intimate breakfast gathering at posh New York restaurant Per Se.

For those that have forgotten, Schwarzman’s 60th birthday party on Valentine’s Day in 2007, to which hundreds of guests were invited, featured British rocker Rod Stewart, comedian Martin Short, singer Patti LaBelle, two Harlem choirs and a marching band. It came to symbolize an era of excess — memories that some would now rather forget.  Months later, the financial crisis hit and Blackstone’s stock plummeted. It is currently about a quarter of its June 2007 IPO price.

“Obviously, I wouldn’t have wanted to do that and become some kind of symbol of that period of time — who would ever wish that on themselves? No one,” said Schwarzman, when asked if he’d do it again.