Lazard’s losses beat forecasts

 
City A.M. Reporter
LAZARD yesterday reported quarterly results that beat analysts' estimates as revenue from its advisory business rose 19 per cent.

The investment bank reported a net loss of $5.3m (£3.4m), compared to a net loss of $4.8m a year earlier.

Operating revenue rose 22 per cent to $574m. Advisory business revenue was $309m.

“The implementation of cost saving initiatives we announced in October is on track,” chief financial officer Matthieu Bucaille said in a statement.