Spare a thought for the plight of the world’s investment bankers. According to the Financial Times, some minor cutbacks are finally taking place in the extravagant lifestyle to which they have come accustomed:
• UBS, having lost $11bn in Q1, has now told its analysts to fly economy on short-haul flights.
• Merrill Lynch bankers have to work an extra 30 minutes before they are entitled to a taxi ride home after work.
• Goldman Sachs employees no longer have access to free bottled water
Deutsche Bank has gone one further, according to Der Spiegel, and will no longer ‘approve any adult entertainment’ such as hotel porn channels.