Hey everyone,
Lazard having one of the biggest layoff cuts this year of 10%, can anyone give some insight into what groups were most impacted. Was this firm-wide, specific to seniority, or simply to get rid of the under-performers? Asking about the NYC groups more specifically. Thanks in advance!
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Not specific to NYC: it was across seniorities and teams (but think not every team was affected). Cuts where rather deep for juniors so in these situations it's not simply those who underperformed
Somebody was saying in another thread that Houston got gutted.
they expanded the team heavily and didn’t budge much in extra rev. Wouldn’t be shocked if they shut down that office
Can you say more? how many people at lazard houston were laid off? was it all levels?
The layoffs happened already? CEO made it seem like they were on the horizon
Tons of friends at Lazard (some were let go unfortunately).
Was a firm wide thing. Houston office definitely hit hard. Think they let go around 25-30% and group got merged with the NY Power team (which has a reputation for being strong but super sweaty)
Do you happen to know roughly how many were let go at the junior level?
Don’t know the exact number unfortunately but I heard a decent amount and across various teams/offices
What does this mean for summer analysts in the Houston office? I've heard Houston got hit with a pipe in the back of the head
Expect low return offer rates. Some groups even give 1 offer for every 4-5 interns.
What are some groups that are likely to extend more returns? Incoming intern in NYC so pretty worried lol
is this specific to the Houston office? cuz I believe NY interns won't know group placements officially until next year
What % of juniors were laid off in ny?
Bump, heard it was hundreds of juniors? Is that true?
Given there’s like
Did this impact all the teams? Heard HC nyc was pretty busy but I could be wrong
They just laid off hundreds of juniors, of course everyone’s going to be busy.
was it group specific? if so, which?
Entire Toronto office laid off. Incoming 2024 interns going to NY instead.
Crazy. Thought they'd move the current juniors to NY
Dang..
Any others get moved to ny?
Were layoffs predominantly on the junior levels?
Any idea about Paris Office? TMT team?
Don't have any insights but would be surprised if that team was affected.
No layoffs in Paris, the office is performing very well (#1 in M&A League Tables in France)
Any insight on London office and what it would mean for return rates? Heard lazard is already typically circa 50-60% there
Except 33% or lower
US offices can expect similar return rates
Damn that's tough
What about the RX team in NY and Chicago
Did Healthcare get hit too
London yes, not sure about the US
Lots of changes there. Seems they had the worst quarter in quite a while and chopped underperforming people and offices.
Bump
.
More coming in London, next couple of months
Heard return rate was not good…
any idea on number?
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