Lazard’s earnings fall

Lazard Ltd., a New York-based investment bank, today said profit for its fourth quarter, ended Dec. 31, had fallen by about half to $61.2 million, or 50 cents per diluted share. That’s down from $122.6 million, or $1.04 per share, from the year-earlier period. The company’s core merger and acquisitions/strategic-advisory practice also took a hit during the fourth quarter and the full year. Operating revenue slid to $814.7 million for 2008, down from $969.4 million during the full year of 2007. Meanwhile, in the fourth quarter of 2008, the operating revenue in that department fell to $192.7 million, from $313.6 million in the year-earlier period. Notable transactions performed by that department last year include Leuven, Belgium-based InBev’s $52 billion merger with Anheuser-Busch Cos. Inc. of St. Louis to become Anheuser-Busch InBev, which is based in the former city. Lazard’s restructuring operating revenue fell to $119.3 million for the full year of 2008, down from $127.2 million the previous year. Fourth-quarter restructuring revenue came out to $47.1 million, up from $32.3 million the previous year. This very department had advised Lehman Brothers Holdings Inc. of New York as it filed for Chapter 11 bankruptcy protection last fall. Finally, asset management operating revenue declined slightly in 2008, falling to $628.7 million, from $717.3 in the year-earlier period. Fourth-quarter asset management operating revenue declined to $125.4 million, from $231.2 million during the same period in 2007.