Steven Golub, the deputy chairman of Lazard, said that the current glut of mergers and acquisitions was likely to continue for at least the next year, as the recently listed Wall Street bank revealed that it had doubled annual profits to $172.3 million (£99 million).
Mr Golub told The Times that Lazard had enjoyed a very busy year in M&A and that revenue in the division had increased 9 per cent in the past three months and 40 per cent over the full year. “2006 is going to be a good year,” he said. “We are seeing activity across all industries, from consumer goods to financial institutions, to metals and mining and TMT (technology media and telecoms).” Lazard shares closed up 6 per cent at $36.47.
Data from Thomson Financial Freeman indicates that M&A deals in Europe this year will generate $520 million for investment bankers, more than at any time since 2000.