City accountants suffering alcohol problems
Stress of M&A boom causes excessive use of alcohol and rise in AA meetings
The recent boom in M&A activity has reportedly created a wave of
alcohol-related problems across the City.
London-based bankers, lawyers and accountants are suffering such an increase
in problem drinking that Alcoholics Anonymous is now holding 22 meetings a week
across the City and Canary Wharf.
The Financial Times reported on the weekend that the alcoholics’
support group regularly holds breakfast (6am and 7.30am) and lunchtime meetings
that attract about 40 members each.
Dr Mike McPhillips, a psychiatrist specialising in addiction, told the paper
that ‘the City has a culture that encourages excessive use of alcohol. The
evidence suggests that the more money about, the more alcohol about.’
It said that merger and acquisition dealings around the world had hit a
massive £1.26bn so far this year; the highest figure on record for any
equivalent period.