Reid Snellenbarger, Lazard Ltd.’s co-head of restructuring in North America, was fired just months after he joined the firm because of allegedly inappropriate behavior at a party last weekend, people with knowledge of the matter said.
Snellenbarger, who was just hired in April and based in Chicago, was dismissed for the alleged behavior, which the people say included inappropriate touching of colleagues. The incidents occurred at an off-site event that wasn’t hosted by Lazard, the people said, asking not to be identified discussing confidential information.
Snellenbarger didn’t publicly respond to the allegations and messages seeking comment were not returned.
“Out of respect to our colleagues who may have been affected by this individual’s behavior, we are not providing or confirming any further detail on the incident,” a spokesperson for Lazard said in a statement.
On Monday, Bloomberg News reported Lazard’s decision to fire one of its US-based bankers after an investigation found he had behaved in a way that was incompatible with the firm’s values. The Wall Street Journal reported earlier Thursday that Snellenbarger was the banker involved.
Snellenbarger joined Lazard from advisory and restructuring specialist Houlihan Lokey Inc. He served as investment banker for former blog publisher Gawker Media Group Inc. in the $135 million sale of its sites to Univision Holdings Inc. in 2016. He also advised bankrupt mortgage servicer Ditech Holding Corp., which won approval in 2019 for a $1.8 billion sale of its businesses.
The alleged behavior that led to his dismissal from Lazard took place at a personal party where other employees of the firm were also present, people familiar with the matter said previously. Lazard acted swiftly to investigate the allegations and Snellenbarger was terminated over the weekend. Lazard’s incoming chief executive officer, Peter Orszag, informed staff of the decision in an internal memo on Sunday.
Wall Street has been trying to move away from a culture that’s been blamed for encouraging excessive risk-taking and 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.
Author: Fareed Sahloul, Sonali Basak and Dinesh Nair