Hewlett Packard has told its UK and Ireland based staff that it is no longer willing to finance any Christmas celebrations this year.
In September, HP announced that it is to cut 7.5 per cent of its workforce over the next two years and the company is blaming the recession for its move to cancel its original Christmas plans, which saw spending allocations of around £35 per staff member.
In an internal memo that was leaked by the Register, HP staff were told: “HP will not be funding any holiday celebrations or gatherings this year, including all company-expensed luncheons, after-hour parties and holiday gifts.
“Therefore my original message relating to £ 35 / Euro 45 per head for team celebrations NO longer applies. To be fair to all teams, if you have already booked a celebration we ask you to cancel this immediately regardless of any payments made in advance.”
Morgan Stanley, Goldman Sachs and Barclays Capital have also scrapped plans for Christmas celebrations while other firms are expected to delay until January.