NEW YORK (Reuters) - Investment bank Lazard LAZ.N has axed about 200 employees after a review of its business, Chief Financial Officer Evan Russo said on Thursday.

“In the third quarter we conducted a review of our business that resulted in a realignment, including employee reductions and the closing of sub-scale offices and investment strategies,” Russo said on a call with investors after the bank’s third-quarter.

“The employee reductions involve approximately 200 people across financial advisory, asset management and corporate functions.”