Lazard Group layoffs, on the record
Every job cut, severance charge and restructuring Lazard Group reported in its annual reports, 2021 to 2023, quoted from the filings. Headcount went from approximately 3,160 to 3,289.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2021 | approximately 3,160 | December 31, 2021 |
| 10-K for 2022 | approximately 3,389 | December 31, 2022 |
| 10-K for 2023 | 3,289 | December 31, 2023 |
Job cuts, severance and restructuring
Our summaryThe filing reports restructuring and closing of certain offices in 2021, with gains and expenses shown in its non-GAAP reconciliations.
Word for word“Gains associated with restructuring and closing of certain offices (e) (7,516 ) - - Private equity investment (f) - - 12,056 Losses associated with the business realignment (g) - - 3,727 Operating revenue $ 3,137,710 $ 2,522,762 $ 2,523,981 (a) Interest expense (excluding interest expense incurred by LFB) is added back in determining operating revenue because such expense relates to corporate financing activities and is not considered to be a cost directly related to the revenue of our business.” 10-K for 2021
| Fiscal year ended | Severance costs | Restructuring charges | Cash paid for restructuring |
|---|---|---|---|
| 2019-12-31 | $56.6 million | $67.8 million | $20.5 million |
| 2023-12-31 | — | $196.8 million | $100.5 million |
Lazard Group has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Lazard Group’s annual reports (10-K for 2023, 10-K for 2022, 10-K for 2021) and the financial data it files with the SEC, as of 2024-02-23. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.