Lazard reports Q1 adjusted EPS (26c), consensus 26c

Reports Q1 revenue $527M, consensus $562.51M. "The first quarter was marked by economic uncertainty and market turmoil, particularly in the financial sector," said Kenneth Jacobs, Chairman and CEO of Lazard. "Asset Management is off to a solid start for the year. However, slower M&A activity resulted in significantly lower revenues in the quarter and the outlook for the year remains uncertain. We are implementing cost-saving initiatives to right-size for the current environment and provide flexibility to strategically invest in our business."