Lazard (LAZ.N), opens new tab swung to a profit in the second quarter, exceeding analysts’ expectations as dealmaking surged.
Wall Street investment banks have benefited from a rebound in activity as corporations carry out mergers or raise money with stock and debt offerings. The recovery comes after rising interest rates weighed on activity for two years.
Revenue in Lazard’s financial advisory business climbed 17% to $411 million in the second quarter, while its adjusted net revenue jumped 38% to a record $855 million in the first half of the year, the bank said on Thursday.
Source: REUTER
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