Aviation Unwind: BofA (BAC) Sells Planes, Helicopter


The outrage over luxury corporate travel takes another toll: Bank of America (BofA) is scaling back its fleet.

CNBC: In addition to the jet sales, BofA will sell a helicopter from Merrill Lynch that it acquired in the merger between the two companies. BofA says it never used the aircraft

The same sources say BofA will also divest itself from one of two corporate apartments in New York City. One of those is located at the Time Warner centre.

But here’s what we’re wondering. Does it really make so much sense to be selling planes, helicopters and apartments in this market? Like, who’s actually buying? On the other hand, we’d imagine that with business slower, there’s just not as much of a reason to have so many plans on call. Maybe there’s a good reason to dump the planes, beyond just populist outrage.