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Article: Lazard death leaves bank in the lurch.(Business)
- Article from:
- Daily Mail (London)
- Article date:
- October 16, 2009
CopyrightCOPYRIGHT 2009 Solo Syndication Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Lucy Farndon
THOUSANDS of bankers will mourn the passing of legendary dealmaker Bruce Wasserstein, though many will be wondering where this leaves Lazard.
Wasserstein, a pioneer of the hostile bid, was the driving force behind the investment bank. He and his family own an 11pc stake worth around [pounds sterling]350m. Lazard shares, suspended Wednesday night before confirmation of Wasserstein's death, dropped 4pc when US markets opened yesterday.
The bank swiftly named its vice chairman Steven Golub, 63, as interim chief executive, but it may well look outside for a heavy hitter.
It needs to act fast - with around 50pc of the ...