Citigroup is said to have cancelled at late notice the Christmas party it had arranged at London's Cafe de Paris for equity / equity research types.
The party, which was planned for this week, was cancelled a couple of days back. Some say that the do was canned for 'political' reasons, following Citi's recent government bailout. Wags point out, however, that when the party was originally booked there were around 400 staff in the London equity units who got invites. After the latest round of job cuts, they say, there simply weren't enough staff left to have a decent party!
In the meantime, The Financial Times reports that Citigroup top executives (and Robert Rubin) are getting ready to announce that they are to forgo their bonuses this year. Given the firm's stock price and the recent bailout(s), many are wondering why this wasn't announced a couple of weeks back. The executives simply cannot go back to the trough again this year.
Finally, The Guardian reports that Lehman Brothers has obtained bankruptcy court approval to sell around $8m of artwork that once adorned the walls of the firm's New York HQ building. Art dealers had stored the stuff in their warehouses, and refused to release it, until their $20,000 bill had been paid. The court has now approved the $20,000 payout, and the artwork may now be sold. The proceeds will go in the creditors pot.
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