Billionaire Nelson Peltz criticized Lazard’s pay and cost structure in meetings with senior executives before he disclosed a 5.1 percent stake in the advisory firm this week, said people familiar with the matter.

Peltz and Ed Garden, one of his co-founders at Trian Fund Management, told Lazard CEO Kenneth Jacobs the firm paid bankers more than deal flow or productivity merited, said the people.

Trian owns some 6.3 million shares, making it Lazard’s largest holder.