[Review] The Last Tycoons: The Secret History of Lazard Frères & Co. (William D. Cohan) Summarized.

The Last Tycoons: The Secret History of Lazard Frères & Co. (William D. Cohan)

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The Last Tycoons: The Secret History of Lazard Frères & Co. is a nonfiction business history by William D. Cohan that examines one of Wall Street’s most influential and least transparent investment banks. Drawing on Cohan’s own background in finance and reporting, the book traces Lazard Frères from its origins as a powerful advisory house to its modern struggles over succession, status, and control. Rather than presenting a technical guide to banking, it tells the institutional history of Lazard through the careers and rivalries of the men who shaped it. The focus is on how discretion, elite relationships, and internal power dynamics created extraordinary influence, but also made the firm vulnerable to ego and conflict. As a result, the book functions both as a corporate biography and as a broader study of how investment banking culture developed on Wall Street and in international finance.