© Reuters. FILE PHOTO: The logo and trading information for Lazard Ltd appear on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 24, 2019. REUTERS/Brendan McDermid/File Photo

NEW YORK (Reuters) – Investment bank Lazard (NYSE:) terminated a managing director for inappropriate behavior over the weekend, according to a source familiar with the situation.

Incoming CEO Peter Orszag sent a memo to staff this weekend informing them that the company had dismissed a managing director in the bank’s financial advisory unit, the source said. Lazard took action after investigating the behavior, which occurred at a personal event at which employees were present, the source said, without naming the banker.

Orszag currently leads Lazard’s financial advisory unit overseeing deals.

Bloomberg News reported earlier on the firing.