Lazard fires banker for alleged inappropriate party behavior
The Wall Street Journal identified the fired employee as Reid Snellenbarger and said he was based in Chicago. He was a co-head of Lazard’s restructuring practice in North America, the publication said.
The Journal wrote that "(h)e had invited a group of Lazard financial-advisory employees to a gathering that wasn’t sponsored by the firm," citing people familiar with the matter.
Snellenbarger joined Lazard in April, the Journal reported.
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A representative for Snellenbarger declined to comment to The Wall Street Journal.
Lazard acted swiftly to investigate the allegations and the employee was terminated over the weekend, according to the people familiar with the matter cited by Bloomberg.
A representative for Lazard declined to comment.
Wall Street has been trying to move away from a culture that’s been blamed for encouraging excessive risk-taking and inappropriate workplace behaviors ranging from harassment to discrimination. On its website, Lazard says it fosters an environment of “mutual respect” and encourages employees to be positive ambassadors for the firm.
The quick action by Lazard comes at a sensitive time for the New York-based bank. Orszag is preparing to take the reins from Ken Jacobs in October and it emerged last month that the firm held preliminary talks to sell itself to Abu Dhabi wealth fund ADQ before deciding against the move.
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Source: Crain's Chicago Business
