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Senior Bank of New Zealand staff spent $40,000 on a lavish Christmas party just days after predicting 32,000 New Zealanders would lose their jobs in the global credit crunch.
Swanky Auckland restaurant Cibo rolled out the red carpet, literally, for 200 BNZ Capital executives and VIP clients on
Thursday.
Guests were served upmarket hors d'oeuvre and skewered barbecue meats before grooving to the beat of a band, no doubt aided by the top-shelf booze that flowed all night.
One thing missing from the menu was French champagne Veuve Clicquot. An insider revealed the BNZ had budgeted at least $65,000 for the end-of-year bash, but later decided the $190-a-bottle 2002 vintage would make the final bill too big. Instead they chose New Zealand's Daniel le Brun methode traditionelle at $100 a bottle.
Cibo manager Jeremy Turner declined to comment on the party. "Everything is tailor-made. But I can't say anything else, that's how we keep our customers happy."
Thursday's festivities came days after the BNZ predicted the global credit crunch would cost 32,000 Kiwis their jobs.
Despite making a $657 million profit in the nine months to September 30, BNZ was the first New Zealand bank to lift A" charges this year.
It doubled the fee for customers to access their money to $1, a move followed by other major banks.
BNZ spokeswoman Diane Maxwell told the Herald on Sunday customers hit hard by the financial crisis might think $40,000 was "a lot of money". But she pointed to the large number of guests who went along, mainly chief financial or chief executive officers and their partners.
"We've got to be careful not to be too prescriptive about this. If it was 10 people, maybe, but I'm an employee and I don't have a problem with it. It's a once-a-year thing.
"We thought it was an occasion that warranted celebrating."
The Christmas party for BNZ staff members would be a "low-key" affair, said Maxwell.
The Herald on Sunday contacted other major banks to ask about Christmas party plans. Kiwibank was the only one to respond before deadline.
Spokesman Bruce Thompson declined to comment on the BNZ party, citing "different strokes for different folks", but said Kiwibank did not throw parties for corporate clients.
"We don't do any entertainment. We'll send our corporate clients a small Christmas package, just a bottle of wine and card. That's traditional."
The Kiwibank Christmas party for the 700 staff in Wellington would have a "local band from the pub", food, beer and wine - but would be finished by 9pm.
"It's a small event but it's always fun. It won't be a big budget."
Last month, Contact Energy directors enjoyed an lavish dinner at the Viaduct.
The six Contact directors and about nine senior managers spent an estimated $2000-plus at Soul.
At the next day's annual meeting, shareholders expressed disgust at the increase in the pool for directors' fees from $770,000 to $1.5 million, when the company's power prices increased 10 per cent. Public backlash prompted directors to drop the plan.