From the Financial Times:

“Merrill Lynch has sharply cut the use of private jets among its senior managing
directors by requiring them to obtain direct clearance from the global
head of investment banking to hire one and to demonstrate there is no
more efficient means of transport.”

“The restrictions on flying by private jet are also meant to demonstrate
that the firm’s top brass must set an example to the rank and file in
tightening belts. Other changes include requiring bankers to travel by
taxi rather than limousine and reduced allowances for dinner on the job.”

The horror….