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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) , Bank of America (BAC), JP Morgan (JPM), Citigroup (C), and UBS (UBS).

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) 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), Deutsche Bank (DB) 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 http://twitter.com/newsgirlmw.

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