UBS, Merrill Lynch and JP Morgan all telling bankers to fly coach.
This report was filed from Asia’s AHN:
Executive perks enjoyed before by officials of firms that collapsed are being taken away as part of the cost-cutting measures adopted by the institutions.
Particularly affected were travel expenses as Asian bankers from UBS, Merrill Lynch and JPMorgan Chase asked them to buy coach class tickets for short-haul trips and cut unimportant travel.
The new travel policy at UBS and Merrill, already in place since mid-September, defines short haul travel as plane rides between two to three hours. JPMorgan had issued the same policy in August. Merrill last week reported a third quarter net loss of $5.1 billion from continuing operations.