Bashing up the ladder

9 May 2006 By Antony Currie Follow @AntonyMCurrie

CEO Bruce Wasserstein s public support for Carl Icahn s attack on Time Warner management doesn t seem to have harmed the firm. It posted strong Q1 results, and is winning new business at a decent clip. Bashing potential clients isn t always bad for business.

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Lazard reported firstquarter operating income of $78m with operating revenues of $351m on Tuesday. That represents a drop in revenue of 9% from the fourth quarter, and an increase of 32% on last year's first quarter. M&A revenue was $193m, a 6% increase from the fourth quarter and a 59% increase from the first of quarter last year.

Asset management revenue increased to $103.8m, a 5% rise from last year's fourth quarter and 8% from 2005's first quarter. Revenue from the financial restructuring business dropped 44% from both fourthquarter and firstquarter numbers to $13.6m

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