January 30, 2020 / 12:11 PM / 6 months ago

Lazard Q4 profit down 32%, steeper than analysts' estimates

NEW YORK, Jan 30 (Reuters) - Investment bank Lazard Ltd on Thursday reported a 32% year-on-year drop in fourth-quarter net income, a steeper fall than analysts had estimated.

Lazard, whose business is split between financial advisory and asset management, reported net income of $76.98 million, missing analysts’ expectations for $82.2 million, according to Refinitiv Eikon data, and down from $111.4 million a year earlier. (Reporting by Joshua Franklin in New York; editing by Jason Neely)

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