**The big picture:** Lazard reported a preliminary $284.0 billion in assets under management (AUM) as of September 30, 2026, a decrease from the previous month due to market depreciation, FX depreciation, and net outflows. **Why it matters:** Declining AUM in major financial firms like Lazard can signal broader economic contraction, impacting hiring, compensation, and talent retention strategies across the financial services sector. **Between the lines:** - Lazard's AUM decreased by over $6 billion from August to September 2026. - Market depreciation accounted for $3.2 billion of the decline, with FX depreciation adding $2.1 billion. - The firm experienced $0.9 billion in net outflows during the month. **Staffing & HR impact:** Financial services firms may face increased pressure to optimize workforce costs and re-evaluate recruitment pipelines in response to AUM declines and market volatility. This could lead to a more competitive talent market for financial professionals. **The bottom line:** Lazard's AUM report offers a glimpse into the challenging economic environment that could influence talent strategies and job security within the financial industry.