Australian bank throws lavish office party despite downturn

June 18, 2009

In a move that intends to show staff that their efforts continue to be appreciated despite the economic downturn, the Commonwealth Bank of Australia is throwing a AU$500,000 office party this week in Sydney.

The party will have a 1920s gangster theme and comes instead of salary increases for many staff members, says the bank’s spokesperson, Bryan Fitzgerald. He added that the financial services division does not have a Christmas party and that the party this week is intended to mark the end of the financial year.

Fiztgerald added, "the event is a staff rewards and recognition event that reflects the hard work and long hours undertaken by the financial services team over the end of the financial year period."

The decision to throw the office party is proving controversial as the bank has recently made headlines- and not in a positive way - for increasing the interest rate for its mortgages by 10 basis points. This move angered borrowers and the government which claimed the firm was ‘selfish.’ Hopefully the staff at the bank will not agree after this epic office party.

A recent business survey has revealed that that office parties are on the whole, much enjoyed by employees, and is one of the major 'rewarding' actions that management can take to show appreciation of their staff.