Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 72

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 72
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 in the European Union. LFB and certain other non-Financial Advisory subsidiaries of the Company in the European Union (referred to herein, on a combined basis, as the “combined European regulated group”) is subject to consolidated supervision based on an agreement with the ACPR and under such rules is required to comply with minimum requirements for regulatory net capital. At December 31, 2024, the regulatory net capital of the combined European regulated group was $167,784, which exceeded the minimum requirement set for regulatory capital levels by $73,786. Additionally, the combined European regulated group, together with our Financial Advisory entities in the European Union, is required to perform an annual risk assessment and provide certain other information on a periodic basis.Certain other U.S. and non-U.S. subsidiaries are subject to various capital adequacy requirements promulgated by various regulatory and exchange authorities in the countries in which they operate. At December 31, 2024, for those subsidiaries with regulatory capital requirements, their aggregate net capital was $99,765, which exceeded the minimum required capital by $77,593.At December 31, 2024, each of these subsidiaries individually was in compliance with its regulatory capital requirements.

23.    SEGMENT INFORMATION 

The Company’s reportable segments offer different products and services and are managed separately, as different levels and types of expertise are required to effectively manage the segments’ transactions. Each segment is reviewed by the Chief Operating Decision Maker (the “CODM”) to determine the allocation of resources and to assess its performance. The Company’s reportable segments are Financial Advisory, Asset Management, and Corporate, which are described in Note 1.The Company’s CODM is the Company’s Chief Executive Officer. The CODM assesses the segments’ performance by each segment’s adjusted operating income (loss) attributable to each of the segments. The Company previously disclosed each segments’ U.S. GAAP operating income (loss) as the segment’s measure of profit and loss. Comparable prior year information has been recast to reflect the updated measure.  Adjusted operating income (loss) is also used by the CODM to allocate compensation and non-compensation related resources to each segment. For the years ended December 31, 2024, 2023 and 2022, no individual client constituted more than 10% of the net revenue of any of the Company’s reportable segments.  The table below provides select financial information about the Company’s segments, including adjusted compensation and benefits expense and adjusted non