I suppose when an industry has lost $400bn in a year, some sacrifices have to be made. In May, I documented how Deutsche Bank was no longer approving expense claims for ‘adult entertainment’. Well, things have got worse since then, as the losses have continued to mount:
• Goldman staff have to contribute to repair costs for their Blackberries, if the damage is their fault
• UBS bankers in the US now fly economy if the flight is less than 5 hours
• Several banks are asking staff to use taxis rather than limousines
And the C-suite are also setting an example. After a record 4 consecutive quarters of losses, Merrill Lynch executives now have to ‘seek clearance from the global head of investment banking’ before using private jets.