Lazard net income plunges 91% over "elevated tax rate" in Q2 2026. Average assets under management were $279bn in the second quarter of 2026, 17% above the level of the second quarter of 2025. Lazard has posted net income of $5m for the second quarter of 2026, a decline of 91% from $55m in the year earlier period, driven by an "elevated tax rate" and weaker revenue in its advisory operations. Average assets under management were $279bn in the second quarter of 2026, up 17% year-over-year (YoY). Second-quarter net revenue was $808m, up 1% from a year earlier. The income tax provision for the quarter was $24m resulting in an effective tax rate of 63.5%. In the second quarter of 2026, asset management net revenue increased 20% to $351m, while financial Advisory net revenue fell by 9% YoY to $450m. Lazard returned $103m to shareholders during the quarter, made up of $49m in dividends, $50m in common stock repurchases and $4m used to satisfy employee tax obligations in place of share issuances linked to vesting equity awards. Lazard CFO Tracy Farr said: "Private Banker International is excited about the momentum and evidence of progress across both of its businesses. This quarter's earnings were impacted by an elevated tax rate, which is not indicative of the full-year rate. "In addition, as we exit the most substantial period of repositioning our advisory talent, the benefits of our growth investments will increasingly mature into earnings. Combined with our focus on operational efficiency, this supports our path toward long-term profitability and shareholder value." The firm had eliminated more than 80 managing director roles as part of a restructuring of its financial advisory business after a subdued performance, reported Reuters. According to the bank, the reductions account for 40% of the total pool. It also said it would recruit bankers in sectors including healthcare, industrials and defence technology. In a post-earnings call, chief executive Peter Orszag said: "That (the cuts) does create this interesting dynamic of kind of a loss of revenue associated with them, even if they were lower productivity, there still is some revenue associated with them." He said revenue from newly hired and promoted bankers was expected to ramp up through 2027. Lazard plans to expand an IPO advisory business in the US, concentrating on advising companies without serving as an underwriter, the news agency added citing the company. Lazard chairman and CEO Peter Orszag commented: "Lazard continues to progress toward our 2030 objectives, with underlying trends reinforcing our confidence in our long-term growth strategy." Give your business an edge with its leading industry insights.

Lazard reported second-quarter 2026 net revenue of $808 million and adjusted net revenue of $786 million. For the first half of 2026, net revenue reached $1,564 million with adjusted net revenue of $1,459 million. The firm posted second-quarter net income of $5 million, or $0.03 per share on a GAAP basis, and $13 million, or $0.12 per share on an adjusted basis. First-half net income was $106 million, or $0.94 per share. CEO Peter Orszag highlighted the company's progress towards 2030 objectives, noting Asset Management delivered its best first-half net inflows in nearly 20 years and achieved record assets under management. Financial Advisory reached its strongest announced half-year league table position since 2014. CFO Tracy Farr said this quarter's earnings were impacted by an elevated tax rate not indicative of the full-year rate.

Cresset welcomes $1.1 billion advisory team to New York and L.A. Offices. Nick Smith and Chris Tiano previously served as Directors with Lazard Wealth NEW YORK - July 21, 2026 - Cresset announced today that Chris Tiano and Nick Smith have joined the firm as Managing Directors, Wealth Advisors in Cresset's Los Angeles and New York offices, respectively. Tiano and Smith previously served as Directors for Lazard Wealth, where they oversaw $1.1 billion in assets under advisement. Chris Tiano Tiano works closely with business owners and entrepreneurs whose wealth is concentrated in the companies they've built. He has extensive experience guiding clients through the pivotal moments that define their financial lives, from scaling a business to a liquidity event and the complexity that follows, including designing sophisticated portfolios across public and private markets and coordinating with trust and estate attorneys and CPAs on tax planning, wealth transfer, liquidity needs, and long-term preservation of capital. "Cresset has built a platform that truly understands the complexities entrepreneurs, business owners, and multigenerational families face as their wealth evolves," Tiano said. "Cresset brings together sophisticated investment management, private market opportunities, and comprehensive planning capabilities all under one roof. I'm excited to join a team that shares my commitment to delivering highly personalized advice and helping clients navigate life's most important financial decisions with confidence." Prior to joining Cresset, Tiano advised individuals, families, and non-profit institutions at Lazard Wealth, Focus Financial Partners, and Glenmede Trust Company, delivering customized investment and financial planning solutions. Tiano earned an MBA from Columbia Business School and a Bachelor of Arts in Economics from Columbia University. Nick Smith For the past 15 years, Smith has advised ultra-high-net-worth individuals, families, and institutional clients on investment management, estate planning, wealth transfer, and tax strategy. He has extensive experience working with both established multigenerational families and ambitious individuals navigating pivotal moments of wealth creation. "Wealth management is ultimately about great relationships built on trust, transparency, and a genuine understanding of what matters most to each client," Smith said. "That is exactly what Cresset delivers each and every day through the incredible depth of its family office team. I'm excited and honored to have access to such a robust platform that can serve clients more holistically how and where they want to be served." Prior to joining Cresset, Smith served as a Director and Portfolio & Wealth Advisor at Lazard Wealth, where he advised ultra-high-net-worth and institutional clients. Before that, he was a Senior Relationship Manager at Merrill Lynch Wealth Management, delivering customized investment and financial planning solutions to high- and ultra-high-net-worth clients. He built the foundation of his career as a Client Advisor at Bessemer Trust and in an associate role at Fiduciary Trust Company International. Smith earned an MBA from Cornell University's S.C. Johnson Graduate School of Management and holds a Bachelor of Arts in Political Science from Denison University, as well as the Certified Trust and Fiduciary Advisor (CTFA) designation. "Nick and Chris exemplify the high caliber of advisor we seek to attract to Cresset - deeply experienced professionals who put clients at the center of everything they do," said Cresset CEO Susie Cranston. "Their expertise serving entrepreneurs, business owners, and multigenerational families aligns perfectly with our mission to deliver truly comprehensive, integrated wealth management. We are thrilled to welcome them to Cresset and look forward to supporting their continued success as they help clients navigate increasingly complex financial lives." Cresset's independent, employee- and client-owned multi-family office model integrates investment advisory, private markets access, trust services, tax strategy, family governance, and other family office capabilities to provide coordinated, long-term guidance. As families navigate liquidity events, concentrated positions, and generational wealth transfer, demand continues to grow for integrated advice that coordinates investment strategy, planning, and family office services under one aligned platform. *Disclosures related to awards, recognitions, and rankings available here. Forbes Top RIA Firms (issued 10.2025). Based on data from April of the prior year through March of the award year. Rankings are determined by SHOOK Research using a proprietary methodology that considers qualitative and quantitative factors. Barron's Top 100 RIA Firms (issued 09.2025). Based on data from July of the prior year through June of the award year. Rankings are determined using a proprietary methodology that considers qualitative and quantitative factors. Cresset paid a licensing fee to use the Forbes and Barron's award logos.