A few days ago, NYT Dealbook ran an article on the social landscape of Wall St. as the holiday season approaches.
Witness the scene at the 40/40 Club in New York’s Flatiron district on a recent December evening. There was no lavish, companywide affair; instead, a group of 40 Morgan Stanley employees gathered in a private room off to the side of the club.The generous platters of sliders and lobster crab cakes were present. But instead of Grey Goose vodka, there was Smirnoff and Stolichnaya.
Instead of decadent sponsored holiday parties involving models and bottles, Morgan Stanley and Credit Suisse opted for private group gatherings of 10-40 paid for out of MD’s pockets. Certainly doesn’t sound like the party where people drink until they throw up on themselves naked in front of a female COO trying to put you to bed. In fact, a MS financial advisor describes these small gatherings as straight up “stiff and boring.”
“The banks are still image-conscious,” Ms. Winston said. “It’s hard to have a party when you’re laying people off.”
Is fun dead on Wall Street? Is this trend real at your workplace? Is it time to move to Hong Kong?
