John Cryan knows his employees are still used to the loosey-goosey days of Joe Ackerman, Anshu Jain and Jürgen Fitschen, when executives could be ferried around town by a fleet of manservants whose job it was to make sure your feet never had to touch the ground, carrying you office to chauffeured car to meeting to spa treatment, taking pains to cover your mouth with their hands when pedestrians were nearby, lest you breathe the same air. But guess what? Cryan's running a tighter ship.
He shrank the fleet of black Mercedes-Benz S-class sedans that shuttle senior executives around Frankfurt, according to people familiar with the moves. He canceled the bank’s NetJets private-jet contract. And he discontinued airport VIP services that for years had whisked executives through security checks and onto the tarmac in chauffeur-driven cars. Mr. Cryan’s dour demeanor earned him, among some colleagues, the nickname “Mr. Grumpy.” In the New York office, some traders took to calling him the “Bernie Sanders of investment banking.” At a recent social gathering in Frankfurt, Mr. Cryan grumbled to a major investor about the bank’s wasteful culture, but said he can only tackle so much, mentioning the chauffeured cars, according to one person familiar with the conversation...Some bank employees say spending on client lunches and other entertainment is being scrutinized more closely, with more-stringent permission requirements. The goal is to cut costs.
Anymore complaints and it'll be client lunches at T.G.I.Fridays with a $20 limit.