Leaders in Finance: Giacomo Liberti, Managing Director & Co-head European Real Estate Practice, Lazard

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On March 19, 2025, the MCF class met Giacomo Liberti, Managing Director & Co-head European Real Estate Practice in Lazard.

Mr. Liberti pointed out that dDiscontinuity has become the new normal, driven by driven by the Lehman Brothers crisis (2008), then by PIGS sovereign debt crisis, the Brexit, the COVID19 pandemic, and the war in Ukraine.

 

M&A is a buyer-led business, so adaptability to ongoing dynamics is key. Advisors often do the work before getting hired - proactive pitching is part of the job. Gender diversity and work-life balance for junior bankers are key pillars of Lazard’s ESG strategy. Senior bankers must integrate ESG considerations into networking and client relations. AI significantly affects junior bankers' daily tasks, as it automates labor-intensive tasks like company profiling. That’s whyLazard has developed an internal AI tool for these tasks. Moreover, AI revolutionizes big data analysis, transforming multi-day research into a matter of minutes, therefore boosting efficiency. The junior banker role is shifting closer to that of an associate, with less manual work and more focus on critical thinking. In real estate M&A, the impact of AI has been less significant, as the sector remains more tied to the real economy compared to tech-heavy verticals like telecoms, media & technology.

 

The macro structure of the M&A business remains client-centric and long-term focused. The concept of "ginnastica sul posto" (working proactively to secure mandates) remains a key feature. Certain areas, such as debt advisory and warranty products, have shifted toward insurance providers and specialized players.

 

What keeps the drive in this job? First, the opportunity to meet brilliant and diverse people every day,Se ond, the dynamic, ever-changing nature of the job itself.

 

SDA Bocconi School of Management

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