Lazard Fires Top Restructuring Banker Accused of Harassing Employees
Reid Snellenbarger said to have acted inappropriately at party he hosted over the weekend Investment bank Lazard told employees Sunday that it had terminated a managing director who it said had behaved inappropriately. Photo: Gabby Jones/Bloomberg News By Cara Lombardo July 6, 2023 5:30 am ET Lazard fired 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 peopl
Investment bank Lazard told employees Sunday that it had terminated a managing director who it said had behaved inappropriately.
Photo: Gabby Jones/Bloomberg News
Lazard fired 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.
A representative for Snellenbarger, 48 years old, declined to comment.
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.
“As we have said repeatedly, our goal is to be both commercial and collegial—and as part of that, respecting our colleagues is non-negotiable. We will not tolerate inappropriate behavior,” the memo reads.
Bloomberg earlier reported on the memo without providing other details.
Lazard’s restructuring business is one of the top advisers to companies in distress, raking in millions in advisory fees for deals that help clients shed debt and rightsize themselves, sometimes through bankruptcy.
Snellenbarger had been at Lazard for only a few months, having joined in April from rival Houlihan Lokey. He worked alongside North America restructuring and capital solutions co-heads Sanjeev Khemlani —also new to the firm— Tyler Cowan and Brandon Aebersold.
Snellenbarger has worked with clients including Gawker Media, which filed for bankruptcy in 2016 after a legal battle with the former professional wrestler known as Hulk Hogan, and engine manufacturer Briggs & Stratton.
Lazard has been working to boost its stock price as it faces increasing competition and frustration among some in its ranks. Lazard in May said Orszag would succeed longtime Chief Executive Ken Jacobs in October.
Write to Cara Lombardo at [email protected]
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