Lazard appoints Peter Orszag as chief executive

Investment bank Lazard has appointed Peter Orszag as its next chief executive, entrusting the former adviser to US president Barack Obama with reviving its fortunes amid a slump in dealmaking.

Orszag, who joined Lazard in 2016 and leads its financial advisory business, will take over from longstanding chief executive Ken Jacobs in October. Jacobs will become executive chair and continue to advise clients.