Lazard, on Wednesday, said it had cut 10 per cent of its staff as a steep drop in fees generated by its advisory and asset management businesses cut its fourth-quarter net income in half.

The investment bank, which suffered a 40 per cent drop in annual net income, has brought its headcount down to roughly 2,200 – mirroring 2006 levels – by shedding back-office workers and professionals in slower-growth areas. It will take a $60m charge in the first quarter to reflect the costs of those job cuts.