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Article: Lazard: Wasserstein options lead to $86.5M charge
- Article from:
- AP Online
- Article date:
- October 28, 2009
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Two weeks after the sudden death of its CEO Bruce Wasserstein, Lazard Inc. said it will record an $86.5 million charge in the fourth quarter to cover stock options granted to him that will vest posthumously.
The boutique investment bank announced the charge Wednesday at the same time it reported a third-quarter profit, buoyed by a surge in restructuring deals. In the year-ago quarter, Lazard posted a big loss amid the market turmoil.
Wasserstein, who died suddenly Oct. 14 at 61, joined Lazard in 2002 after making his name as one of Wall Street's dealmakers.
"Under his leadership, we transformed the firm," said interim CEO Steven J. Golub in a statement. No ...