The Powers That Be: Daily
Bill on Wall Street’s New Post-Wunderkind C.E.O.
Jan 5, 2024
Bill Cohan discusses the ascent of Peter Orszag, the new CEO of Lazard, and his plans to double revenue by 2030. They explore the culture and history of Lazard as a Wall Street bank. They also discuss the disconnect between positive economic trend lines and pessimistic sentiment under the Biden administration.
15:44
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Quick takeaways
- Peter Orzag, former OMB director, aims to double revenue and restore Lazard's reputation as CEO.
- President Biden faces the challenge of effectively communicating positive economic trends to the American people amid polarization and motivated reasoning.
Deep dives
Peter Orzag's Transition from Politics to CEO of Lazard
Peter Orzag, former OMB director under Barack Obama, made the rare transition from politics to Wall Street banking, becoming the CEO of investment firm Lazard. Known for its rich history, Lazard is one of the oldest existing firms on Wall Street. Orzag's appointment as CEO marked a calm transfer of power within the firm. With ambitious goals outlined in his manifesto 'Lazard 2030,' Orzag aims to double revenue, improve banker productivity, foster collegiality, and restore Lazard's reputation. However, achieving these goals will require navigating the diverse and egotistical landscape of Wall Street banking.
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