Bankers are having their biggest year on record for global mergers and acquisitions, but instead of celebrating in the usual fashion with an over-the-top staff Christmas party, some are avoiding going out altogether so as not to draw attention to themselves.
Earlier this month we reported that the Square Mile’s marketers were letting loose. While some partied in Soho’s nightclubs to celebrate the arrival of the festive season, one firm flew all staff out to Berlin for a night at the Ritz. Now, M&A has been the big outperformer for investment banks this year, but instead of hosting flamboyant parties in the manner you might expect, shy execs are either staying at home or forking out for their own smaller parties.
According to a recent Reuters report, UBS is giving its staff a budget of 50 Swiss francs a head for their night, with some going bowling. How wholesome. Meanwhile, other bashful City bosses are inviting the office troops to their Chelsea residences for catered dos. Some banks, such as Barclays, haven’t had large-scale staff Christmas parties for years.
Well, we don’t believe you’ve all gone soft. Leading from the front, City A.M.’s own party on Friday was quite the sight. With bespoke blue cocktails, a five-figure bill and at least several thousand pounds worth of coats now misplaced, “messy” is an accurate description of the night.
So, what about the rest of you? Are you serving Bollinger to your boss at home or flying out to Vegas? Let us know at email@example.com