Lazard cutting about 340 jobs in 10% workforce reduction, posts loss

Lazard Ltd. LAZ said Friday it plans to reduce its work force by 10% in an effort to contain costs. Based on Lazard’s disclosed total employment of 3,402 workers as of Dec. 31, the bank will cut about 340 jobs. CEO Kenneth Jacobs said the bank’s asset management unit is “off to a solid start” for the year but said slower activity in the market for mergers and acquisitions resulted in “significantly lower revenue” for the bank while the outlook for 2023 remains uncertain. “We are implementing cost-saving initiatives to right-size for the current environment and provide flexibility to strategically invest in our business,”…