Lazard profit falls on financial advisory volatility, elevated tax rate

Investment bank Lazard LAZ.N reported a lower second-quarter profit on Thursday, hurt by a drop in revenue at its financial advisory business and an elevated tax rate.

Net income fell to $5 million, or 3 cents per share, in the three months ended June 30. That compares with $55 million, or 52 cents per share, a year earlier.