The Last Tycoons by William D. Cohan Summary

The Last Tycoons exposes the secretive world of Lazard Frères & Co., chronicling its 150-year rise as Wall Street’s most elite investment bank. William D. Cohan unveils bitter rivalries between bankers like Felix Rohatyn and Steve Rattner, manipulative leadership under Michel David-Weill, and Bruce Wasserstein’s controversial takeover. The book blends financial history with tales of ambition, art collections, and personal feuds that shaped modern finance.

This book suits finance professionals, Wall Street historians, and readers drawn to corporate intrigue. Fans of Barbarians at the Gate or Den of Thieves will appreciate its unflinching look at power dynamics. Cohan’s insider perspective—honed during his six years at Lazard—makes it essential for understanding investment banking’s golden era.

Yes—it won the 2007 FT/Goldman Sachs Business Book of the Year for its meticulous research and gripping narrative. Cohan’s dual expertise as a banker and journalist provides rare insight into Lazard’s cloistered culture. While dense at 752 pages, its tales of greed and legacy-building remain unmatched in financial literature.

• Power struggles: Internal feuds between bankers like Rattner and Rohatyn destabilized Lazard.
• Leadership flaws: Michel David-Weill’s manipulative tactics exacerbated conflicts.
• Wealth and legacy: Profiles of tycoons’ art collections, mistresses, and rivalries reveal Wall Street’s opulent underside.

Wasserstein orchestrated a $1.4 billion deal to take control of Lazard in 2001, outmaneuvering Michel David-Weill during the firm’s decline. His aggressive leadership marked a departure from Lazard’s traditional “Great Man” ethos, symbolizing Wall Street’s shift toward ruthless dealmaking.

Some readers find its exhaustive detail overwhelming, particularly regarding lesser-known bankers. However, critics praise Cohan’s ability to humanize financial titans while exposing systemic flaws in Wall Street’s “advisory aristocracy”.

The book’s lessons on leadership hubris and fragile corporate alliances resonate amid today’s banking crises. Lazard’s survival tactics—like prioritizing client loyalty over short-term gains—offer counterpoints to modern fintech disruption.

Both dissect Wall Street excess, but Cohan’s focus on Lazard’s multi-generational saga contrasts with Barbarians’ single-deal narrative. Tycoons offers deeper cultural analysis, while Barbarians emphasizes transactional drama.

Rohatyn emerges as a conflicted figure: he saved New York City from bankruptcy in the 1970s but struggled to modernize Lazard. His feud with Steve Rattner underscored generational divides in investment banking’s evolution.

As debates about banking regulation and wealth inequality intensify, Cohan’s examination of Lazard’s insular power structures offers context for today’s financial reforms. The rise of activist investors echoes tactics used by Wasserstein.

Cohan drew from internal Lazard documents, 200+ interviews, and his firsthand experience as a former banker at the firm. This access enabled revelations about secret boardroom deals and personal vendettas.

Cohan’s six-year tenure at Lazard and subsequent journalism career let him decode complex financial maneuvers while crafting character-driven storytelling—a blend evident in his later works like House of Cards and Money and Power.