The independent investment bank Lazard suffered the same fate as its larger Wall Street rivals in the fourth quarter, with a one-off charge linked to US tax reforms wiping out profits in an otherwise record year.

The New York-based firm said today that a $420m hit to so-called deferred tax assets dragged it to a net loss of $84m for the three months ending December 31. The charge contributed to a 35% fall in full-year profits to $254m.