The storm raging through financial markets has already cost bankers much of their business, bonuses and public esteem. But now they won’t even be able to drown their sorrows in their usual glass of bubbly at one of the most cherished events in Frankfurt’s social calendar.

The glitzy, champagne-laden black-tie gala that usually closes Frankfurt’s annual Euro Finance Week and hosts the VIPs of Europe’s banking and insurance industry, has been cancelled.

Top German banks, Deutsche Bank and Commerzbank and Dresdner Bank concluded that such a show of opulence was not “suitable for the times”, writes Spiegel magazine.

“The reason was the financial crisis, it (holding the ball) just wasn’t right,” a Commerzbank spokesman told Reuters.

The banks however failed to burnish their responsible credentials and win over public opinion through this act of self-denial, by incurring nonetheless up to 700,000 euros of planning costs for the cancelled event, according to media reports. The Commerzbank spokesman said the specific sum to be paid up had not yet been decided upon.