July 3, 2023, 4:23 PM UTC

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.