Friday, December 4, 2009

Despite Huge Revenues, Wall Street Financial Firms Make Extra Efforts Not to Celebrate with Luxurious, Image-Damaging Holiday Parties

By: Roseanna Sonnenfeld
      Wall Street, over the past couple of years has learned a lesson from the PR nightmares created by bailouts and bonuses over the last year.  Even some of the rich firms are excerscising some humility this holiday season.  Rather than luxerious bashes, like in years past, companies like Morgan Stanley and Goldman Sachs are planning low-key offices parties to avoid further scrutiny.  "I think the right tone is one that is low key," said David Ellis.
      I think this is such a great and smart thing for businesses to be realizing.  I think it would be very unsmart for companies to be spending money on big Christmas bashes, then because of economic circumstances, have to tell their employees, oh sorry you are all getting a cut in your pay.  We spent too much this past holiday season.  The fact that companies are realizing these things and cutting back on events like their holiday get-togethers really shows that employers and owners are concerned with theirs employees.  Whether it be for money purposes or not. 
      "Now is not the time to show off," said Brad Hintz, a Sanford Bernstein analyst who tracks several bulge bracket banks.  I think this is a very wise statement and something that some companies should really think about.  By realizing that now is not the time to show off, you are saying that you are more concerned with what is really going on within the company rather than on what people may think is going on within the company.  Which I believe is the right tone to have in this situationn and for the approaching holiday season.

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