("Lazard Names Ex-Citigroup Chairman Richard Parsons to Board," at 9:43 a.m. EDT, misstated Mr. Parsons's age in the third paragraph. The correct version follows: )
By Melodie Warner
Investment bank Lazard Ltd. (>> Lazard Ltd) named politically connected former Citigroup Inc. (>> Citigroup Inc.) Chairman Richard D. Parsons to its board.
In March, Mr. Parsons, stepped down from Citigroup's board after 16 years, closing a chapter that included the company's near-death experience during the financial crisis.
The 64-year-old is a member of the Council on Jobs and Competitiveness for the U.S. Office of the President, senior advisor to the private-equity investment firm Providence Equity Partners and serves on the boards of Estee Lauder Cos. (>> The Estee Lauder Companies Inc.) and Madison Square Garden Co. (MSG).
Lazard reported in April its first-quarter profit fell 54% on costs tied to cutting staff, while its 11% net revenue easily topped expectations on stronger demand for deal-making advice.
Write to Melodie Warner at email@example.com