(Reuters) -Lazard’s profit rose in the third quarter as dealmaking activity picked up pace, mirroring gains at larger Wall Street rivals. The investment bank on Thursday reported an adjusted profit of $62 million, or 56 cents per share. That compares with $40 million or 38 cents per share, a year ago. Pent-up demand among corporate […]
Business
Lazard’s third-quarter profit rises on resurgence in dealmaking
Audio By Carbonatix
(Reuters) -Lazard’s profit rose in the third quarter as dealmaking activity picked up pace, mirroring gains at larger Wall Street rivals.
The investment bank on Thursday reported an adjusted profit of $62 million, or 56 cents per share. That compares with $40 million or 38 cents per share, a year ago.
Pent-up demand among corporate clients after years of elevated interest rates and market volatility lifted mega-deals 40% to $1.26 trillion in the third quarter, according to Dealogic data.
M&A activity has gathered momentum as companies show greater resilience to tariffs than markets had anticipated, while stock markets come to terms with the broader uncertainty.
Lazard’s financial advisory revenue jumped about 14% in the quarter to $422 million.
Earlier this month, executives from top Wall Street banks, including JPMorgan and Goldman Sachs, said the deals pipeline remained strong after both banks beat profit expectations on a surge in investment banking fees.
(Reporting by Manya Saini in Bengaluru; Editing by Arun Koyyur and Pooja Desai)