Firm Said To Have Axed Christmas Party / Salary Raises & Frozen Hiring

Christmas Angels

Here's another firm that is said to have taken the decision to cancel the annual firm Christmas bash. And probably a wise decision too.

Bloomberg reports that, according to its sources, Commerzbank cancelled its Christmas do a few weeks back, telling its staff that the do was a victim of its latest round of cost cutting.

Despite denials from the bank to the contrary, speculation is mounting that Commerzbank may well need to go back for a third bailout from the German government, after the European Banking Authority said that it needed to raise an additional $7bn in capital by mid-2012 to beef up its balance sheet.

The news agency also reports that the firm has axed base salary raises for senior-level employees, and imposed a hiring freeze over at the investment banking unit.

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