Lazard Ltd. (NYSE: LAZ) reported Q1 EPS of ($0.26), $0.62 worse than the analyst estimate of $0.36. Revenue for the quarter came in at $527 million versus the consensus estimate of $542.8 million.

“The first quarter was marked by economic uncertainty and market turmoil, particularly in the financial sector,” said Kenneth M. Jacobs, Chairman and Chief Executive Officer of Lazard. “Asset Management is off to a solid start for the year. However, slower M&A activity resulted in significantly lower revenues in the quarter and the outlook for the year remains uncertain. We are implementing cost-saving initiatives to right-size for the current environment and provide flexibility to strategically invest in our business.”

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