• Lazard average return on tangible equity for 2023 was -33.45, a 136.42% decline from 2022.
• Lazard average return on tangible equity for 2022 was 91.85, a 2.08% decline from 2021.
• Lazard average return on tangible equity for 2021 was 89.98, a 3.17% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.