Lazard Capital Markets CEO resigns after strategy review

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Lazard Capital Markets, the closely held brokerage controlled by current and former Lazard employees, said CEO William Buchanan resigned after the firm completed its strategic review.

Bloomberg reports that Scott McLaughlin and William Rosenberg will become co-CEOs, said Scott Sunshine, a spokesman for Lazard Capital.

McLaughlin will continue in his role as head of equities, and Rosenberg also will keep his chief financial officer and chief operating officer positions, Sunshine said.

Lazard Capital said in May that it was exploring strategic alternatives including a sale, a joint venture or an injection of capital from a partner. The firm cut the size of its equities sales, trading and research division and outsourced its clearing and settlements business, Sunshine said in a telephone interview.

FBR said this month it added 29 employees from Lazard Capital in a “negotiated transaction,” including research analysts, sales traders, position traders and institutional salespeople.

Buchanan ran equity capital markets and was a member of the executive committee at Cowen Group before joining Lazard in 2006 to help advise companies on how to raise money by selling stock in the public and private markets.

To access the complete Bloomberg article hit the link below:

Lazard Capital Markets CEO Leaves After Strategy Review

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