Married father who works as a top executive at billion-dollar investment firm Lazard is FIRED after acting “inappropriately” at July 4th pool party thrown for Chicago staff
- Reid Snellenbarger was Co-Head of Capital Solutions and Restructuring at Lazard
- Incoming CEO Peter Orszag informs staff of banker’s dismissal on Sunday
- Snellenbarger, 48, and his wife bought a $7 million home on Lake Geneva in 2022
Chicago-based investment firm Lazard has fired one of its top bankers after he allegedly acted inappropriately toward employees at a party it hosted over the weekend.
Reid Snellenbarger, 48, was co-head of Lazard’s North American restructuring practice and had only been there a few months when he was fired.
Lazard employees were told Sunday that a CEO had been fired, but the memo seen by The Wall Street Journal it did not name who “behaved in a manner that was inappropriate and inconsistent with our values.”
No further details of the alleged inappropriate behavior have been shared.
PHOTO: Reid Snellenbarger and his family pose for a photo that was posted on Facebook
Reid Snellenbarger, 48, who was co-head of Lazard’s turnaround practice in Chicago, was fired after he acted “inappropriately” toward employees at a party he hosted over the weekend.
Snellenbarger and his wife had just bought a $7 million home on the shores of Lake Geneva last July, but it’s unclear where the party in question took place.
Over the July 4 weekend, Snellenbarger invited a group of Lazard financial advisory employees to a meeting that was not sponsored by the firm, sources familiar with the matter told the WSJ.
The same sources confirmed that it was Snellenbarger who was fired.
Snellenbarger and his wife Rebecca had bought a $7 million home on the shores of Lake Geneva last July, but it’s unclear where the party in question took place.
The CEO termination memo was sent to employees by Peter Orszag, who heads the company’s financial advisory unit and is set to take over as CEO.
A view of Lake Geneva from Snellenbarger’s house purchased in July 2022
‘As we have said repeatedly, our goal is to be both commercial and collegiate, and as part of that, respecting our colleagues is non-negotiable. We will not tolerate inappropriate behavior,” the memo says.
Lazard’s swift action comes at a time when Wall Street has been trying to shake up a culture that has been blamed for inappropriate behavior in the workplace.
Snellenbarger joined the firm in April after leaving rival Houlihan Lokey.
His notable client includes Gawker Media, which filed for bankruptcy in 2016 after a legal battle with former professional wrestler Hulk Hogan.