We've made investments since Bruce has been on board, bringing in people like Gary, Bill and George and the productivity is showing itself. We've had a real mix of integrating the new with the old.
We certainly had a management succession issue in the late 90s, before Bruce arrived. We lost people and had trouble replacing them because of all the noise going on.
We continue to build our backlog, and we think our position in the industry is pretty strong.
As a trusted adviser we just have more breadth today than we've ever had before.
It's broadening out that industry depth that's brought in quality bankers into the place. The stability we've gained from the IPO is good for the people (at Lazard) and good for our clients.
