This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Wall Street Takes a Holiday Party Pass

NEW YORK ( TheStreet) --

Expect another quiet year on Wall Street with firms likely choosing to spend extra cash on bonuses over festivities.

Most banks on are canceling or remaining mum about holiday party plans, according to firms contacted by TheStreet. With investment bankers scrambling to lock in those end-of-the year deals and politicians frowning on anything that smacks of Wall Street celebration, it's no wonder many have opted to take a Grinch-like party pass.

Those banks that are not holding holiday parties include Morgan Stanley (MS - Get Report) , Bank of America (BAC - Get Report), JP Morgan (JPM - Get Report), Citigroup (C - Get Report), and UBS (UBS - Get Report).

For many of these banks, it will be the third year in a row that they will be canning holiday party plans.

There are some banks, however, that are hoping to spread some holiday cheer with seasonal festivities. Credit Suisse (CS - Get Report) is having a holiday party tied to charity, but the company declined to say where the party would take place or what charities it was supporting. Barclays (BCS) will be holding its annual children's party, but the location has not yet been announced. Goldman Sachs (GS), Lazard (LAZ - Get Report), Deutsche Bank (DB - Get Report) were also contacted, but could not confirm if they were having parties.

"I don't think this is the year holiday parties will make a comeback. I think employees would rather have the compensation. I don't see the holiday party coming back because it is not a retention tool and the firms are worried about that right now," said Constance Melrose, Managing Director of eFinancialCareers North America.

Speaking of bonuses, there has been a lot of speculation as to which firms may also be slashing cash. Morgan Stanley has been rumored to be killing bonuses for underperformers, according to eFinancialCareers.

--Written by Maria Woehr in New York.

To contact the writer of this article, click here: Maria Woehr.

To follow the writer on Twitter, go to

To submit a news tip, send an email to:

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BAC $14.36 -2.78%
BCS $9.65 -4.27%
C $45.57 -2.38%
DB $17.34 -6.17%
CS $14.56 -4.52%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs