Morgan Stanley will be penny-pinching this holiday season by canceling all holiday parties except those paid for by employees themselves. The firm will supposedly be donating the money it would have spent to charities. Maybe they should start with the U.S. Treasury…

Here’s the memo:

“As you know, in terms of the global economy, it now appears that the environment will remain challenging for the foreseeable future. In times like these, as difficult as it may seem for people in our industry, it is the charities and nonprofits that depend explicitly on donations, many from the financial services sector, that will come under the most pressure in the coming months.

To help ease that pressure, we have asked all divisions to forego their Firm-sponsored holiday parties this year and instead help us apply those designated funds toward helping those most in need. Employees who are personally funding their own holiday events are still free to do so; this request is strictly with regard to Firm-sponsored employee events for the holidays.”

[DealBreaker] Morgan Stanley Cancels Christmas, Jobs