Charles Altschul

"The year 1876 was a decisive turning point in the history of the Lazards: the partners of the firm realized that the golden age of fabric and hardware trade was over. Their energy and expertise, they believed, would be better utilized in a strictly banking business. A firm that could skillfully manage this triple domicile in Paris, San Francisco, and London. Their decision was quickly made. They liquidated their assets by auctioning them off. "They ended their careers as merchants with the biggest annual profit they had ever made," notes Charles Altschul. "The firm had accumulated more capital than it could advantageously use in its business.""

"His biographer, Charles Altschul, describes him as "the real driving force of the house", emphasizing his character traits: "He was very ambitious, indefatigable, always in control. With his combative spirit, he led the policy of the house as soon as he was firmly in the saddle. Those who had met him in business often found him too demanding, too authoritarian. But those who had the privilege of knowing him more closely, soon came to appreciate the charm of his personality.""