Lazard

Recent news + how Lazard affected

Corporate debt in countries representing 70% of Global GDP have reached 70 % = compared to only 40% during the GFC - M&A: affects valuations as corporate balance sheets are becoming more indebted and or decreasing incentives for acquisitions as risk of acquiring indebted companies is high - DCM and ECM: less popularity for DCM and higher ECM , debt issuance may be more difficult = eval: compounded by fact there is $1 trn worth of corporate debt which is negative yielding= borrows pay companies for privilege of holding debt = cheaper short term finance = advisors need to think about Long term strategy

Why Lazard?

Motivated to apply due to what I leant about firm at Lazard's Durham event Independent advisory institution- no conflict of interest - Cause of GFC: Goldman sold their own toxic assets to their clients, then proceeded to bet against them without telling their clients - AT BB lessons not learnt as they are Fined allowing equity research analysts to solicit investment banking business - flatter structures + small deal teams = high degree of responsibility - entrepreneurial mindset - Steep learning curve = exposure to senior ranking employees Identify w/ values it stands for: - valuing individual differences = experience of co-founding a start-up - partnering globally = collaborate on stock reccomendation reports for investment clubs for last 3 academic years - client centricity and emphasis on relationships = important due to experience of writing 30 page report for GAM

4. Tell me about a time when you face a difficult situation in a team

S: Rothschild & Co Internship = teams of 5. Think of innovative idea to pitch to investors. Monitoring software for employees' health metrics. T: Think about how to coordinate within the team and which person should be assigned to which task A: Chem + bio Student = physical/ psychologcal issues aiming to tackle = relays info about devices to me = Liase with debator = introduction + conc, Microsoft experience = conducted primary research via a survey = influenced models. Me = inv club + asset management firm = financial analyst R: Positive result. Everyone knew when to speak = 2 MD/ Associates choose to invest

5. Tell me about a one when you has a difficult task and how you solved it

S: School serves as writer + editor for school's economics electronic publication T: Analyze why readership declining A: 1. Lower quality content2. Less interest in Economics3. Ineffective advertisingCross-referenced each of these criteria with the previous year:1. Many of current editors were contributors last year so quality unlikely to have declined to large extent2. Asked head of economics = number of students enrolling for economics in Sixth form = rose slightly compared to previous year = not issue3. AdvertisingFound in last year's editor's notes that advertising approach was different to this year: Last year = each flyer = short excerpts from 3 articles vs this year 200-word excerpt from 1 article R: Flyers less able to attract attention/ stimulate readership

why IB ?

Take part in processes which change the corporate landscape and ultimately improve the quality and range of products availible for consumers + build meaningful relatinships - Transactions: synergies = economies of scale = cost savings and investments but also knowledge transfers = increases rates of innovation Equity and debt issuance = allow innovative and pioneering firms to raise capital to grow Building long-term relationships w/ clients = advising their firms through high significant processes= rewarding experience

3. Tell me about urself

Who you are? Studying Economics with Management and hope to specialise in mathematical and financial economics in second and third years. Why you're qualified? At school, I committed to academic excellence and was awarded an academic scholarship after being ranked in the top 40 students in my year of 265 three times in a row. I edited the school's economics journal and was a member of the investment club for two years, which involved drafting fortnightly stock reports. Co-founding a start-up introduced to market research and sparked my interest in finance, which I have since pursued by gaining a placement at an asset management firm, a market maker and most recently at Rothschild &Co. Why you're here? I am excited to develop my passion for trying to understand both the irrationality of certain market movements but also the more technical aspects of analysing companies' credit risks. - Particularly interesting due to Lazard's unique perspective as an independent advisory firm - I very eager to apply and develop my problem solving and collaborative skills on your program through work shadowing opportunities.