Kenneth Jacobs once joked that he spent his early years at Lazard carrying suitcases for Felix Rohatyn, the former banker who saved New York City from bankruptcy in the 1970s. His early efforts to impress have paid off – the $70bn (€47bn) dealmaker has been named chairman and chief executive of Lazard, replacing the late Bruce Wasserstein.

Jacobs, 51, joined Lazard in 1988 after four years at Goldman Sachs and was named a partner in 1991. He has been a deputy chairman and head of North America since 2002.