The party’s over: welcome to the City’s new puritanism

‘Well, I’ve got the lads an espresso machine — after all, none of us can afford coke anymore, how else are we going to stay awake?’ It was nice to hear that one City banker was putting his hand in his pocket and looking after his troops — they may not be getting bonuses, but at least his team were guaranteed a decent coffee. But even this little luxury may have to be confiscated. It simply doesn’t blend in with the new puritanical City landscape, where the amount of milk available in the canteen and what it can be used for is heavily restricted.

Inter-dealer brokers — who spend their time schmoozing traders — are distraught. Most have had no restrictions put on their client entertainment budgets, but they no longer have anyone to play with or anything to claim back on expenses. They were once in the habit of sending lunch to their favourite clients: Gaucho Grill’s finest steaks and Nobu’s bento boxes.