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Jefferies clamped down on drinking.

Jefferies implemented an unpopular Christmas drink rule

Stick to the soft drinks

While people at Jefferies digest this year's 'mixed' bonus round, it seems they are also digesting another change to their perks: at this year's Christmas team lunches in London, staff were banned from consuming alcohol before 4pm.

This appears to have been a big change on last year, when alcohol was freely flowing throughout. Sources suggest some of the scenes after last year's lunches may have inspired this year's clampdown.

The change was announced in a memo, seen by eFinancialCareers, sent from head of UK investment banking Philip Noblet. In it, Noblet laments the fact that he wasn't told about the new rule before he'd arranged the UK team lunch to start before the 4pm watershed. Although he said he planned to arrive at 4pm anyway due to a client call, sources say Noblet didn't attend.

Jefferies' staff don't seem happy with the new edict. "What sort of firm tells adults they can't drink?," asked one senior associate.

The answer seems to be a lot of firms in finance now. Lloyds of London warned staff to be on their best behaviour before this year's Christmas party and Reuters reported that some Wall Street firms are opting for holiday events involving yoga and smoothies. 

It's not clear whether Jefferies' restrictions are global, or apply only to teams in London.

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AUTHORSarah Butcher Global Editor
  • An
    22 December 2019

    Are they legally allowed to do this?

  • ze
    21 December 2019

    No surprise, the drinking policy is falling into line with the rest of the financial services sector behaviour. Companies can’t be seen to be engaging in high risk activities that impact their reputation. Drink in your own time and stop being disrespectful to your employer.

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