Lazard CEO Sees Restructuring Slowdown After the Surge in 2020

Lazard Ltd. Chief Executive Officer Ken Jacobs expects corporate turnarounds to start slowing down after a 2020 surge in restructurings.

“The activity levels will be lower than last year,” Jacobs said in an interview Friday discussing fourth-quarter results. “As soon as the central banks loosened, it created a buoyancy.”

Lazard’s bankers were able to rebound from “one of the most challenging environments in memory” to post record operating revenue for the firm’s financial-advisory business, Jacobs said. Revenue at the unit jumped almost 30% to $509 million in the three months through December.

Jacobs said he expects mergers and acquisitions ...