Lazard Ltd. fired a senior dealmaker following allegations of inappropriate behavior during a weekend party, according to people familiar with the matter.
(Bloomberg) — Lazard Ltd. fired a senior dealmaker following allegations of inappropriate behavior during a weekend party, according to people familiar with the matter.
The banker, a managing director in Lazard’s financial advisory business in the US, was terminated after an investigation into actions that were seen as incompatible with the firm’s values, the people said. Lazard’s incoming chief executive officer Peter Orszag informed staff in an internal memo Sunday, which didn’t name the individual or details of what happened.
The incident took place over the weekend at a personal party where other Lazard employees were also present, the people said, asking not to be identified because the information is private. Lazard acted swiftly to investigate the allegations and the employee was terminated over the weekend, they said.
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.
(Adds detail on Lazard from fifth paragraph.)
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