UBS Cancels Holiday Party, Donates Portion of Funds to Charity

UBS has joined a growing number of financial giants pulling out of holiday party plans this season. Wall Street blog Dealbreaker today published a UBS internal memo that details news of the company's canceled holiday events within its U.S. wealth management division.

“We know that many of you look forward, in particular, to the firm's annual holiday party. At the same time, we don't believe we can responsibly fund it in the current environment,” explained the division's executive committee. “We do, however, recognize that the cumulative effect of losses on Wall Street will impact many people who are not directly involved with our industry or our firm.”

Instead of any celebrations, which the company previously hosted at New York's Rockefeller Center and the Museum of Natural History, UBS plans to donate $100,000 (a “small portion” of the party’s cost) to two local children’s charities.

More in New York City & Tri-State Area