Lazard's step towards £1.7bn float

INVESTMENT bank Lazard has taken a major step closer to a £1.7bn float on Wall Street next year. The flotation will end the bank's 150 years as a private partnership.

Lazard is expected to file documents with US regulator the Securities and Exchange Commission soon.

A statement issued to partners by chairman Michel David-Weill and chief executive Bruce 'Bid 'em up' Wasserstein gave the latter a deadline of one year to float the business or sling his hook.

The belligerent American has agreed that if the listing is not completed by the end of 2005 he will be on three months' notice.

The bank is in the process of signing off an agreement between the firm and wealthy family members known as The Capitalists.

Separately, Credit Suisse is set to announce a revamp likely to include large-scale job losses including at its CSFB investment banking arm. Dresdner Kleinwort Wasserstein is also expected to cut 90 City jobs.