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Heard on the street
15 Sep 2008 10:18 am
Asked how Lazard was weathering the storm, a banker there replied that they'd probably be fine "because we don't really have a balance sheet to put at risk".
Well, right. It's an advisory business. Like Greenhill, Evercore or my firm, they should be fine because they earn fees without putting capital to work.
Lots of dejected folks outside Lehman right now.
I guess that Lazard are having a very close look at recievables on that non-balance sheet.