Things are a little lumpy at Lazard, the swish bank run by Bruce Wasserstein. The firm, which is known for its super-polished M&A business and recently handled the acquisition of Bear Stearns by JPMorgan, posted a 71 percent decline in profits in the first-quarter, according to the Wall Street Journal. This news comes three months after Wasserstein dismissed concerns that Lazard would fall victim to the credit crunch, saying that the company was “not in the subprime business.”
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