Thread regarding Lazard Ltd. layoffs

Large Employee Cuts at Lazard

Here is what's going on per WSJ (link below).

It looks like 7% will be cut, Asset management will be hit hard.

Lazard is eliminating up to 7% of its employees in its asset-management division and closing some investment funds by year’s end, people familiar with the matter said, amid a tougher climate for money managers.
Lazard Asset Management, which employs more than 850 people globally and oversees $213.6 billion in assets, told staffers of the cuts last week, one of the people said. The staff reductions, along with the decisions to shutter some investment strategies, follow a review of the business.
While Lazard takes a look at the business’s direction annually, this year’s review ended with the firm making steeper cuts than usual. Lazard is culling funds in several regions, and across multiple asset classes.
The cutbacks come as the asset-management industry contends with sweeping changes in how investors put their money to work. The shift of trillions of dollars into low-cost funds that track popular indexes has pressured many managers to slash fees and exit strategies that have struggled to gain traction. Those firms have in turn ramped up their spending on businesses and technology that will help them stand out in a market many industry executives believe is poised for a shakeout.
A person familiar with Lazard’s plans said the firm regularly reviews its businesses when they are small and have little potential for growth. In recent years, Lazard has expanded its offerings in the more-promising parts of its business, including sustainable and quantitative investing, value stocks and artificial intelligence.
The job cuts affect both investment and business staff, the people said.


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