Lazard's stock eased 0.2% to $33.88 on the heels of a Wall Street Journal report that the investment-banking and financial-services firm is handing out pink slips to 7% of the staff in the division.
Lazard Asset Management employs 850 worldwide and manages $213.6 billion of assets, the WSJ reported.
As part of the cuts, Lazard will also shut down some investment funds by year's end, the paper reported.
Lazard's decision to cut jobs comes amid an outflow of assets from its funds and increasingly fierce competition from lower-cost index funds.
Lazard reported a 2.6% drop in assets under management in August from July. Total AUM came in at $228.8 billion, down from $234.8 billion in July.