It's a sure sign that times are tough when Barclays Capital feels obliged to cancel its Christmas shindigs.
The bank, which has just taken over much of Lehman Brothers, doesn't want to do anything that "might be seen as inappropriate" in the global financial crisis, according to an internal message circulated by its chief operating officer, Rich Ricci (surely the perfect name for a banker).
The memo was leaked to the US website Dealbreaker. A Barclays spokesman confirmed its authenticity.
"I would like to inform you that we will not be holding our annual seasonal parties this year," Ricci told staff. "I know this might come as a disappointment to many of you, who look forward to the opportunity to relax among colleagues and celebrate a year of hard work and accomplishment."
He continues: "In the current difficult environment for our industry and for the economy as a whole, which affects not just financial services firms but our clients as well, it is not appropriate for us to do anything that might be seen as inappropriate by any of our stakeholders."
The only exceptions are childrens' parties for employees' families.
What a difference a year makes. Last year, my colleague Jill Treanor reported that 3,000 Barclays Capital bankers in London were given the run of a marquee beside the Houses of Parliament for two nights of entertainment costing a rumoured £600,000.
