
Reid Snellenbarger Reddit thread has ignited controversy regarding his dismissal from the Lazard.
Snellenbarger, co-head of restructuring in North America at investment firm Lazard, was dismissed from his position this past weekend.
Snellenbarger, who had only joined the firm in April, was let go after allegations of inappropriate behavior at a party emerged.
During a pool party for Chicago staff members on the Fourth of July, there were reports of inappropriate behavior, including alleged incidents of colleagues being touched inappropriately.
Background on Lazard and Reid Snellenbarger
New York City is home to the headquarters of the global asset management and financial advisory firm Lazard.
Asset management, financial restructuring, and mergers and acquisitions are just a few of the company’s services.
It was established in the middle of the 19th century and has since developed into one of the leading financial institutions in the world.
Reid Snellenbarger, prior to joining Lazard, had worked at restructuring specialist Houlihan Lokey.
He has also provided investment banking services for Gawker Media Group in the US$135 million sale of its sites to Univision Holdings in 2016 and advised bankrupt mortgage servicer Ditech Holding Corp on a US$1.8 billion sale of its businesses in 2019.
His dismissal from Lazard has made him a trending topic on social media, with many discussing the allegations against him on Reddit.
Lazard fired Reid Snellenbarger, co-head of restructuring in North America, for allegedly inappropriate behavior at a party last weekend https://t.co/SRseyokYeN
— Bloomberg (@business) July 7, 2023Reid Snellenbarger Reddit: Lazard’s Response to Scandal
Following allegations against one of its employees, Lazard acted quickly to ensure swift justice and prevent any further harm to their workplace culture.
The investigation was thorough and their response was immediate, with Peter Orszag personally informing staff of the decision over the weekend.
In doing so, Lazard reinforced its commitment to fostering a culture of mutual respect where employees feel comfortable and safe.
This action demonstrates their dedication to upholding positive employee behavior and maintaining a workplace environment that values integrity and accountability.
Lazard has shown its commitment to its employees, clients, and the broader community by taking swift action.
Recent Controversies and Changes in Wall Street
Wall Street’s financial services firms have recently come under increasing scrutiny for their work environments. This has occasionally resulted in high-ranking resignations or dismissals.
The issue of s*xual harassment in the workplace and its effects on women received increased attention as a result of the #MeToo movement.
Furthermore, the COVID-19 pandemic has resulted in a shift toward remote work, which has also required firms to adapt their practices and policies accordingly.
Conclusion
The dismissal of Reid Snellenbarger from Lazard highlights the ongoing need for companies to foster a safe and respectful workplace environment.
Lazard demonstrated its commitment to upholding its stated values and continuing to provide superior financial services to its clients by swiftly responding to allegations of inappropriate behavior.
The recent controversies on Wall Street serve as a reminder that all businesses need to be vigilant in their efforts to create a workplace culture that is inclusive and equitable and act quickly when company values are violated.
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