For Wall St.'s Big Players, the Holiday Party Is Still Over - News and Current Events | futures trading

Go Back

> Futures Trading, News, Charts and Platforms > Traders Hideout > News and Current Events

For Wall St.'s Big Players, the Holiday Party Is Still Over
Started:December 20th, 2011 (11:03 AM) by kbit Views / Replies:490 / 0
Last Reply:December 20th, 2011 (11:03 AM) Attachments:0

Welcome to

Welcome, Guest!

This forum was established to help traders (especially futures traders) by openly sharing indicators, strategies, methods, trading journals and discussing the psychology of trading.

We are fundamentally different than most other trading forums:
  • We work extremely hard to keep things positive on our forums.
  • We do not tolerate rude behavior, trolling, or vendor advertising in posts.
  • We firmly believe in openness and encourage sharing. The holy grail is within you, it is not something tangible you can download.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community. It's free and simple, and we will never resell your private information.

-- Big Mike

Thread Tools Search this Thread

For Wall St.'s Big Players, the Holiday Party Is Still Over

Old December 20th, 2011, 11:03 AM   #1 (permalink)
Elite Member
Aurora, Il USA
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
kbit's Avatar
Posts: 5,839 since Nov 2010
Thanks: 3,275 given, 3,321 received

For Wall St.'s Big Players, the Holiday Party Is Still Over

Three years after the financial crisis, the Grinch still hovers over Wall Street.

In the precrisis era, big banks were renowned for their extravagant holiday parties. Goldman Sachs once rented out huge halls for its end-of-year galas, which featured appearances by performers such as Harry Connick Jr. and Bette Midler. In 2007, Morgan Stanley took over several floors of Lotus, then a popular Manhattan nightclub.

But, mindful of mass layoffs, flagging profits and sustained anger on Main Street, the nation's largest banks have canceled firm-sponsored celebrations or moved them in-house to avoid the costs and the criticism.
For the fourth year in a row, Goldman Sachs and Morgan Stanley have shelved their official holiday parties. The investment banking divisions of JPMorgan Chase, Citigroup and Bank of America have also decided against them. But groups of employees at all five firms were permitted to hold - and pay for - their own festivities.

European firms, hit hard by the sovereign debt crisis, have also scaled back. The Royal Bank of Scotland, which is still part-owned by the British government, allowed some division heads to partially subsidize their employee parties with up to 10, or about $15, a person in company money. But employees in the American branches of the bank had to pay for their own parties this year, according to a company spokeswoman.

Corporate holiday parties, in general, are on the wane. This year, only 74 percent of companies are holding them, down from 95 percent in 2006, according to a survey of 120 companies conducted by Amrop Battalia Winston, an executive search firm.

The dearth of company-sponsored holiday parties has jolted the owners of the bars, restaurants and lounges that housed the parties, the tabs for which could run into the hundreds of thousands of dollars. Steven Greenberg, the owner of 230 Fifth, a rooftop lounge in Manhattan, estimates that Wall Street nightlife used to account for 20 percent of his business.

Now, bank parties at 230 Fifth "are nonexistent, period," said Mr. Greenberg, though he said that business from foreign tourists has helped replace lost bookings. "They're concerned about doing layoffs and on the same day having a press report saying that they're having a big holiday party," he said.

Goldman, Morgan Stanley, Bank of America, JPMorgan, and Citigroup all declined to comment.
With large American firms cutting back on holiday parties, private equity firms, hedge funds and others that operate farther from the public eye are taking their place.

Bridgewater Associates, the giant hedge fund headquartered in Westport, Conn., rented out the Webster Bank Arena, a 10,000-seat arena in nearby Bridgeport, for its holiday party, according to several people with knowledge of the event. The Royal Bank of Canada held a party for its New York office at Chelsea Piers, in a high-end event space that can accommodate up to 2,000 guests, according to two people who attended but were not authorized to speak on the record about it.

Credit Suisse's investment banking division held its celebration at Bar Basque, owned by the restaurateur Jeffrey Chodorow. The bank provided an open bar and food including chicken parmesan sandwiches and fried olives.
Still, even that party "paled in comparison to last year's," said a person who attended Credit Suisse's party and spoke on the condition of anonymity.

At banks without official parties, some employees are making do with less.
A group of Morgan Stanley employees held an unofficial holiday party with an "ugly sweater" theme at an Upper East Side bar, according to a person with knowledge of the event, while other employees of the firm partied at Dream, a hotel with a rooftop bar in Midtown Manhattan. A group of R.B.S. employees held an informal event at the Powerhouse Lounge in Jersey City.

Other firms have emphasized charitable giving programs intended to draw attention to their good works. One year after holding a grand gala at the Metropolitan Museum of Art to celebrate its 25th anniversary, the Blackstone Group, the private equity firm co-founded by Stephen A. Schwarzman, held a coat drive at its holiday party, a low-key affair in the Waldorf Astoria hotel, according to a person with knowledge of the event.

Those kinds of events can provide the morale boost of a holiday party without the reputational risks, experts say.
"At this point, the crazy, expensive caviar nights don't make sense, but maybe something more subdued would be more appropriate," said Alison Brod, who runs a New York-based public relations firm. "It's pretty sad to do nothing."

For Wall St.'s Big Players, the Holiday Party Is Still Over - Yahoo! Finance

Reply With Quote

Reply > Futures Trading, News, Charts and Platforms > Traders Hideout > News and Current Events > For Wall St.'s Big Players, the Holiday Party Is Still Over

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Upcoming Webinars and Events (4:30PM ET unless noted)

NinjaTrader 8: Programming Profitable Trading Edges w/Scott Hodson

Elite only

Anthony Drager: Executing on Intermarket Correlations & Order Flow, Part 2

Elite only

Adam Grimes: Five critically important keys to professional trading

Elite only

Machine Learning Concepts w/FIO member NJAMC

Elite only

MarketDelta Cloud Platform: Announcing new mobile features

Dec 1

NinjaTrader 8: Features and Enhancements

Dec 6

Similar Threads
Thread Thread Starter Forum Replies Last Post
Wall St. banks wonder if they are shrinking for good kbit News and Current Events 0 November 21st, 2011 05:52 PM
Behind Wall St. Protests: Many Are Drowning in Student Debt Quick Summary News and Current Events 0 October 12th, 2011 07:00 PM
Selloff to Continue at European Open as Wall St, Asia Plunge Quick Summary News and Current Events 0 August 5th, 2011 01:40 AM
Tales from Wall St. about heavy-handed Finra kbit News and Current Events 0 June 10th, 2011 03:37 PM
Wall St. Boosts Stock Outlook On Better Economy, Tax Cuts Quick Summary News and Current Events 0 December 10th, 2010 12:40 PM

All times are GMT -4. The time now is 10:17 AM.

Copyright © 2016 by All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts

Page generated 2016-10-28 in 0.06 seconds with 19 queries on phoenix via your IP