Lazard chief Bruce Wasserstein dead at 61

Wall Street legend Bruce Wasserstein is dead.

The 61-year-old billionaire mogul had been hospitalized since the weekend for heart problems, and as of last night had been described as recovering and in stable condition. Wasserstein had been hospitalized on Saturday with an irregular heartbeat.

His sudden death stunned financial markets. Stock in his venerable brokerge firm Lazard was halted shortly before the market closed.

Wasserstein was behind many of the biggest M&A deals and had pioneered the hostile takeovers the 1980s. He was also a major player in New York’s financial and social scenes.

Among Wasserstein’s holdings were New York Magazine and the Deal. His personal was more than $2.2 billion according to Forbes.