Investment bank Lazard reported a 9% drop in its first-quarter adjusted profit on Friday, as companies steered away from making deals amid economic turmoil due to tariffs and likelihood of a trade war.
The recent market pullback, elevated market volatility and economic uncertainty has prompted CEOs and boards to hold back on making acquisitions.
U.S. mergers and acquisition activity in the first three months of 2025 in the U.S. fell 13%. Global investment banking fees fell 4.9% to $21.47 billion in the quarter from a year earlier, as per Dealogic data.
Financial advisory revenue at Lazard in the first three months of 2025 fell 17% to $370 million, compared with $447 million from same period last year.
Lazard posted a net income of $60 million, or 56 cents per share, on an adjusted basis for the first quarter, compared with $67 million, or 66 cents apiece, a year earlier.
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