Lazard
- Investment bank Lazard plans to cut 10% of its workforce.
- A slowdown in mergers and IPOs has put pressure on Wall Street firms to cut costs.
- But much of the costs are related to salaries, which can be "very sticky," CEO Ken Jacobs says.
People are Wall Street's biggest cost by far.
With one of the Street's most lucrative moneymakers – advising on mergers and initial public offerings – still in a deep freeze, it's no surprise that several banks have shrunk year-end bonuses and laid off employees this year to reduce costs.