Bruce Wasserstein

Bruce Wasserstein
Name	Bruce Wasserstein
Caption	Bruce Wasserstein in 2009
Birth date	25 December 1947
Birth place	Brooklyn, New York City, U.S.
Death date	14 October 2009
Death place	New York City, U.S.
Alma mater	University of Michigan (BA), Harvard University (MBA, JD)
Occupation	Investment banker, lawyer, Publisher
Known for	Leadership of Lazard, major M&A deals
Spouse	Laura Lynn Kimmel (div.), Claude Becker (div.), Angela Chao (m. 2009)

Bruce Wasserstein was a preeminent American investment banker, corporate lawyer, and media executive, renowned for his pivotal role in shaping the modern landscape of mergers and acquisitions. As the chief executive of the venerable investment bank Lazard, he engineered its transformation into a publicly traded entity and solidified its status as a top-tier advisory firm. His career, spanning from groundbreaking legal work to high-stakes financial negotiations and media ownership, made him one of the most influential and formidable figures on Wall Street during the late 20th and early 21st centuries.

Early life and education

Born in Brooklyn to a Jewish family, he was the son of a prosperous textile manufacturer. He demonstrated academic prowess early, graduating from the University of Michigan with a Bachelor of Arts degree and being elected to the Phi Beta Kappa honor society. He subsequently pursued dual graduate degrees at Harvard University, earning both a Juris Doctor from Harvard Law School and a Master of Business Administration from Harvard Business School. This formidable educational foundation equipped him with a unique blend of legal acuity and financial strategy, which would become the hallmark of his professional approach.

Career in investment banking

His initial career was in law, where he worked at the prestigious firm Cravath, Swaine & Moore. He soon transitioned to finance, co-founding the M&A department at First Boston Corporation alongside Joseph Perella. The pair became legendary for their work on landmark transactions, including the contentious takeover battle for Conoco and the leveraged buyout of Beatrice Foods. In 1988, he and Perella left to establish their own boutique investment bank, Wasserstein Perella & Co., which quickly became a major player, advising on deals such as the merger of Time Inc. and Warner Communications. The firm was later sold to Dresdner Bank in 2001.

Leadership of Lazard

In 2002, he was recruited to lead the then-struggling, privately held partnership Lazard. As Chairman and CEO, he executed a controversial but successful initial public offering in 2005, navigating fierce internal opposition from senior partners like Michel David-Weill. His leadership revitalized the firm, aggressively expanding its advisory business and competing directly with larger rivals like Goldman Sachs and Morgan Stanley. Under his tenure, Lazard advised on some of the era's largest restructurings and transactions, including the merger of Kraft Foods and Cadbury and the Bank of America acquisition of Merrill Lynch.

Media and publishing ventures

Beyond banking, he had a significant passion for media. In 2004, through his private investment vehicle Wasserstein & Co., he purchased the weekly magazine The New York Observer. He was also a major investor in and served as Chairman of the legal publishing empire American Lawyer Media, which owned titles like The American Lawyer and The National Law Journal. His ownership of these publications reflected his enduring interest in the intersection of law, finance, and journalism, though he generally allowed editors operational independence.

Personal life and death

His personal life was marked by multiple marriages and a large family. He was married first to Laura Lynn Kimmel, then to Claude Becker, and finally to shipping executive Angela Chao in 2009. He was the brother of Pulitzer Prize-winning playwright Wendy Wasserstein. Known for his intense work ethic and private nature, his health declined in 2009. He was admitted to a hospital in New York City for an irregular heartbeat and died there on October 14, 2009, at the age of 61. The specific cause of death was not publicly detailed, surprising many in the financial community.

Legacy and honors

His legacy is that of a transformative dealmaker who mastered the arts of both law and finance. He was frequently featured on lists of the most powerful people in finance by publications like Forbes and was inducted into the American Academy of Arts and Sciences. The Bruce Wasserstein Public Interest Fellowships at Harvard Law School were established in his honor. His strategic vision at Lazard ensured its survival and prominence as one of the last major independent investment banks, cementing his reputation as a central architect of modern corporate finance.

Category:American investment bankers Category:1947 births Category:2009 deaths