Lazard nearly tripled its compensation costs in the fourth quarter as the 162-year-old investment bank broke from Wall Street's new-found emphasis on deferred cash pay-outs, the bank said yesterday.
Banks such as Goldman Sachs and Morgan Stanley have sought to make employees more accountable for risks by paying them in future years once the outcomes of the banks' deals are better understood.
Lazard, which makes most of its income from advisory and asset management fees and received no government help during the financial crisis, moved the other way, eliminating deferred cash as part of compensation.
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