Lazard a top restructuring banker after he was said to have acted inappropriately toward employees of the investment bank at a party he hosted over the weekend, people familiar with the matter said.
Reid Snellenbarger, who was a co-head of Lazard’s North America restructuring practice and based in Chicago, was swiftly fired by Lazard. He had invited a group of Lazard financial-advisory employees to a gathering that wasn’t sponsored by the firm, the people said.
Lazard told employees Sunday that it had terminated a managing director it didn’t name who “behaved in a manner both inappropriate and incompatible with our values,” according to a memo seen by The Wall Street Journal that was sent by Peter Orszag, who leads the firm’s financial-advisory unit and is set to take over as its CEO.
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