EXHIBIT 99.2

[LAZARD LOGO]

Media Contact:                            Investor Contact:
-------------                             ----------------
Richard Silverman, +1 212 632 6285        Michael J. Castellano, +1 212 632 8262
richard.silverman@lazard.com              investorrelations@lazard.com



                               LAZARD REORGANIZES
                   EUROPEAN INVESTMENT BANKING GROUP;
                  FIRM ELECTS STEVEN J. HEYER TO BOARD

      NEW YORK, June 15, 2005 - Lazard Ltd (NYSE: LAZ) today announced it has
reorganized its European investment banking group, which will be run as one
business.
      The new European organization will continue to be based on the priority of
client relationships, balancing the contributions of local expertise with
Lazard's global industry groups.
      Separately, Lazard also announced it that has elected Steven J. Heyer,
Chief Executive Officer of Starwood Hotels & Resorts Worldwide Inc., to its
Board of Directors, effective immediately.
      As part of the new European structure, Georges Ralli, Jeffrey Rosen and
William Rucker will serve as Co-Chairmen of Lazard's European Investment Banking
Committee, and will make recommendations on key matters to the firm's Chief
Executive Officer. Lazard also said that, in addition to his current
responsibilities, Bruno Roger has been named Chairman of Global Investment
Banking, coordinating cross-border business; he will also attend Committee
meetings. Matthieu Pigasse will serve as Chief Marketing Officer of the
Committee, and Antonio Weiss will serve as Chief Operating Officer of the
Committee.
      The Committee will work in conjunction with a European Advisory
Board, co-chaired by Marcus Agius and Bruno Roger.  The other members
of the European Advisory Board are: Arnaldo Borghesi, Matthieu
Bucaille, Ernst Fassbender, Erik Maris, Pedro Pasquin, Mr. Pigasse, Mr.
Ralli, Mr. Rosen, Mr. Rucker, Nicholas Shott, and Mr. Weiss.
      "Our European reorganization is the culmination of a process to enhance
our ability to serve our clients," said Bruce Wasserstein, Chairman and Chief
Executive Officer of Lazard Ltd. "It confirms the emergence of a new generation
of talented leaders, who, along with their U.S. counterparts, are the future of
Lazard. We are committed to our vision for Lazard as a unified business, with a
clear mission and effective coordination and leadership."


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      Lazard also announced that Gerardo Braggiotti has delivered to Lazard
notice stating that he will resign effective July 15, 2005. Lazard has
reiterated to Mr. Braggiotti that it has complied with, and will continue to
comply with, the agreement that Lazard and Mr. Braggiotti had signed, and Lazard
and Mr. Braggiotti are in discussions concerning their relationship. In the
event that Mr. Braggiotti resigns, Lazard does not expect any material adverse
effect on its overall 2005 financial results from his resignation.

      The addition of Mr. Heyer to the Board increases the number of Lazard Ltd
directors to six.

      Mr. Heyer, 53, has served as CEO of Starwood Hotels & Resorts Worldwide
since October 2004. Prior to joining Starwood, he was President and Chief
Operating Officer of The Coca-Cola Company from 2001 to 2004; was President and
Chief Operating Officer of Turner Broadcasting System, Inc., and a member of AOL
Time Warner's Operating Committee from 1994 to 2001. Previously, Mr. Heyer was
President and Chief Operating Officer of Young & Rubicam Advertising Worldwide,
and before that spent 15 years at Booz Allen & Hamilton, ultimately becoming
Senior Vice President and Managing Partner. He currently serves on the Board of
Directors of the National Collegiate Athletic Association and the Special
Olympics.

      The other members of Lazard's Board are: Mr. Wasserstein;
Robert Charles Clark, who serves as the Harvard University
Distinguished Service Professor at Harvard Law School; Ellis
Jones, CEO of Wasserstein & Co. LP; Vernon E. Jordan, Jr., a
Senior Managing Director of Lazard Ltd; and Anthony Orsatelli,
CEO of IXIS Corporate and Investment Bank.

      On May 5, 2005, Class A common stock of Lazard Ltd began trading on the
New York Stock Exchange under the trading symbol "LAZ." In addition, Lazard Ltd
equity security units also began trading on the NYSE under the trading symbol
"LDZ."

      Lazard, one of the world's preeminent financial advisory and asset
management firms, operates from 27 cities across 15 countries in North America,
Europe, Asia and Australia. With origins dating back to 1848, the firm provides
services including mergers and acquisitions advice, asset management, and
restructuring advice to corporations, partnerships, institutions, governments,
and individuals. For more information on Lazard, please visit www.lazard.com.

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