A jump in Lazard’s share price led to a surge in pay costs for its UK business, pushing the independent investment bank to a £21.3m loss.

The bank paid out £66.6m in costs related to deferred compensation for its UK business in 2024, according to newly-released accounts, as its share price increased 48% last year. This is up from the £38.1m a year earlier and led to an increase in costs that pushed Lazard into the red for the year.