Lazard chief's death leaves firm in limbo

NEW YORK: Bruce Wasserstein, the legendary Wall Street dealmaker identified with an era of no-holds-barred takeover battles, has died at the age of 61. His death leaves major questions about the future direction and leadership of Lazard Ltd, the investment bank he headed.

Wasserstein, a star investment banker since the 1970s, was credited with brokering more than 1,000 transactions worth more than $250 billion, including Time's merger with Warner Brothers and the Dean Witter, Discover & Co combination with Morgan Stanley. He invented takeover defenses and was not scared of extremely adversarial deals.

"He was a great tactician," said Felix Rohatyn, former Lazard executive who knew Wasserstein for four decades. "He was extremely smart. He scared people actually."