This is wild. Merrill Lynch, UBS, and JP Morgan have apparently been instructing their senior bankers in Asia to fly coach on flights up to five hours, and cut back on non-essential travel to Vegas, if possible, according to Bloomberg. No word on reductions in travel expenses from Citi, presumably because the ban on color-copies has been enough to do the trick, profitability-wise. These restrictions sound severe, and we completely agree that they are perhaps a bit extreme, but we will remind you that once Ryainair CEO Michael O’Leary’s pioneering efforts come to fruition, coach, while pedestrian, really won’t be so bad.
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Some recent cost-cutting initiatives at Citi (specifically the Tribeca office)
- No more plant service (fired the guy who goes around and waters the plants)
- No more shuttle service between 388 and WTC Path station.
- Fitness center was outsourced for about 1/3 of the cost.
Citi has always been 5 hours before you can upgrade.
They are getting ready for the next wave of ALT A defaults – then on tho th POA’s!
http://tinyurl.com/558bbd
Not even close to bottom yet…
Nothing new, JPM has had this for as long as I can remember
What, aren’t people allowed to walk in NYC? Is it really bad that people don’t have a shuttle service? Plants? There are trees and shrubs in NYC? Fitness…wouldn’t walking everywhere cover that. Out here in Alabama, I don’t understand you Yankees.
Holy god bankers will need to sit in back with the untouchables!
This is truly a travesty
@ 5
Fair point, but its about a mile walk, in dress clothes, with about 50,000 other people bumrushing you. Probably not exactly what you want to be dealing with if you want to show up at the office looking like you didn’t just get in a fight.
On the other hand, most people could use at least a mile walk/day, the same fatasses that take up 2+ seats on the subways
Every company I’ve worked with and worked for has had a similar restriction in place long before the economy tanked.
Why is this newsworthy? WGAF??
I’m working at a major fund in Los Angeles – all flights except for senior management are coach now. My trip to London (11 hours) is in coach.
I flew to Japan once in Economy Plus.
I paid for a business class upgrade out of my own wallet on the way back.
11 Really? I fly to Japan a few times a year in coach. And sleep most of the time. You’re gonna have a tough time in life bud if (when?) the axe comes.
you pansy-assed whiners ain’t seen nothin yet from Citi. If you think having to fly coach is a travesty, just wait for the major slash ‘n burn of bodies coming your way. Eat those peanuts you pussys.
you pansy-assed whiners ain’t seen nothin yet from Citi. If you think having to fly coach is a travesty, just wait for the major slash ‘n burn of bodies coming your way. Eat those peanuts you pussys.
I would imagine that they’re trying to avoid the AIG gaffe, much more than cut costs.
I had to sleep in sheets that were less than 500 thread count once.
I still have flashbacks.