Lazard terminates banker after alleged 'inappropriate' behavior: WSJ

Lazard Ltd (LAZ) has terminated the employment of Reid Snellenbarger, co-head of North America restructuring, after he allegedly acted improperly toward co-workers at a party he held this past weekend, The Wall Street Journal reported Thursday. A spokesperson for Snellenbarger did not comment, the newspaper reported. Citing people familiar with the situation, the WSJ reported that he had asked people to join him at a gathering that was not sponsored by Lazard. The bank told employees on Sunday it had fired a managing director who acted "in a manner both inappropriate and incompatible with our values," according to an internal memo seen by the WSJ. The memo from incoming CEO Peter Orszag did not name Snellenbarger, who worked at the bank's Chicago office and joined the firm in April after 18 years at Houlihan Lokey (HLI). The article did not provide any further details on Snellenbarger's alleged actions.

-Steve Gelsi

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07-06-23 0703ET

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