Merrill puts brakes on jet-setting managers
Merrill Lynch & Co. Inc. is cutting the use of private jets among its senior managing directors.
Merrill Lynch & Co. Inc. is cutting the use of private jets among its senior managing directors.
The New York-based company’s move is part of a comprehensive effort to cut administration and non-payroll expenses, limit layoffs and pay better bonuses to top performers, the Financial Times reported.
Other changes include requiring bankers to travel by taxi rather than limousine and reduced allowances for dinner on the job.
Last week, Merrill Lynch posted a second-quarter loss of $4.65 billion, or $4.97 a share, due to $9.4 billion in write-downs.
A call to Merrill Lynch seeking comment wasn’t returned.
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