Lazard Ltd. LAZ, +0.56% Chief Executive Ken Jacobs is making preparations to step down from the financial-advisory and asset-management firm, the Wall Street Journal reported on Thursday. Under the move, which the Journal said wasn’t yet finalized, Peter Orszag, who served as director of the office of management and budget under President Barack Obama, was expected to replace Jacobs in the top spot. Jacobs would stay at the company and keep working with clients, the Journal said. Lazard was not immediately available for comment. The move follows layoffs at the firm, amid slower dealmaking activity and growing competition. Shares were unchanged after hours.
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