Lazard's London cuts are actually tiny
Yes, Lazard is pulling the trigger on job cuts. Yes, it's cutting juniors more than anyone else. But this doesn't mean that Lazard juniors in London or Continental Europe should worry.
In Europe, the cuts are tiny.
The bank isn't commenting, but Lazard's London cuts are understood to impact no more than 10 people. Around five of those losing their jobs are said to be analysts or associates, around four are VPs and one is an MD.
In France, where cutting staff is hard to do, Lazard is also understood to be trimming very few people - although some French staff may opt for voluntary retirement.
Where are the cuts happening? While Lazard's European business remains relatively unscathed, North America is expected to be more harshly impacted. Earlier this month, the Toronto Globe and Mail reported that Lazard was "downsizing" its team in Toronto, for example. Corporate functions may also be impacted more significantly than advisory teams.
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