The Goldman Sachs Group Inc. has canceled its corporate Christmas party for the second year in a row in an attempt to keep a low profile. The Investment Bank informed employees that it won't be hosting a corporate Christmas party this year and barred them from funding their own.
The cancelation is likely a move by the firm to avoid further criticism after bigger bonuses for executives drew national condemnation. In 2008, Goldman handed out $4.8 billion in bonuses, with 953 employees receiving at least $1 million each and top executives enjoying up to $4 million. This year, with a third quarter profit of $3.19 billion, bonuses this year are projected to be even larger.
Despite having a reason to celebrate after a triumphant return into the black this year, festive behavior would be ill-received in light of recently released figures revealing the highest unemployment rate in 26-years.
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