Remember when investment banks were known for their wild Christmas parties? Financial News today hearkens back to that era with a story about a post-crisis Christmas party proposal that would have cost £200k ($256k) were it not nixed by the bank's senior management. These days, however, investment banks' Christmas parties are demure affairs. The mantle for big spending and big partying has been passed on to...recruitment firms.
One such recruitment firm, Logical Resources, which works across technology, risk and compliance in the U.K., the U.S. and Australia is so proud of its wild 2018 Christmas party that it's employed a PR agency to publicize the upcoming event.
The company's UK and Melbourne teams are being treated to, "an all-expenses paid, seven night blow out on Thailand’s party island of Phuket," says the press release. They'll be staying, "just north of Patong Beach famous for its lively nightlife." Previous parties held by the same firm have involved, "two trips to the party isle of Ibiza," and a trip to dance music festival Tomorrowland in Belgium.
Logical says this year's Christmas party is a reward for employees who met the, "most ambitious revenue target in the history of the company."
Finance professionals in areas like commodities trading or equity derivatives, who've had a great year may wonder why they are not being similarly treated to week-long all expenses parties. The answer is clearly that banks are highly regulated places now and that many people in finance might not want a week-long "blow out" in Phuket anyway.
An employee at a rival recruitment London firm said the recruitment industry as a whole has a reputation for hedonism and that it is not necessarily restricted to the festive period. "Crazy Thursday nights out tend to outdo the Christmas party," she says. "I now try to avoid them."
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