Lazard second-quarter earnings fall amid COVID-19 slump in dealmaking

Lazard second-quarter earnings fall amid COVID-19 slump in dealmaking

Investment bank Lazard Ltd on Friday reported an 8per cent fall in second-quarter adjusted earnings per share, a smaller drop than analysts had expected, as the slowdown in corporate dealmaking due to the COVID-19 pandemic weighed.

The logo and trading information for Lazard Ltd appear on a screen on the floor at theNYSE in New Y
FILE PHOTO: The logo and trading information for Lazard Ltd appear on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 24, 2019. REUTERS/Brendan McDermid

REUTERS: Investment bank Lazard Ltd on Friday reported an 8per cent fall in second-quarter adjusted earnings per share, a smaller drop than analysts had expected, as the slowdown in corporate dealmaking due to the COVID-19 pandemic weighed.

Lazard, whose business is split between financial advisory and asset management, said earnings per share was 67 cents, well ahead of a median of analysts' expectations for 38 cents, according to Refinitiv, and compared to 73 cents a year earlier.

(Reporting by Joshua Franklin in Boston; editing by John Stonestreet)

Source: Reuters

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