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.
Many Wall Street firms say they’re taking a harder line on inappropriate behavior as financial institutions try to dismantle a culture that’s been criticized by investors and regulators alike.
