Independent investment bank Lazard suffered its worst quarterly result since its initial public offering three years ago as a loss in its corporate portfolio and a slowdown in mergers and acquisitions activity pushed net profits for the first quarter down 71% to $16m (€10.3m).

Net revenues for the three months to the end of March fell 17% to $308m, compared to $369m for the same period last year. The bank said the decline was due a loss of $28.5m on a corporate portfolio of debt and equity securities in its Paris banking operation.