Wow have things gotten bad. Bankers at Merrill Lynch and UBS now have to fly coach like the rest of us:
Oct. 22 (Bloomberg) — Merrill Lynch & Co. and UBS AG have asked senior bankers in Asia to fly economy on short-haul flights and reduce non-essential travel as falling revenues force cost cuts, bankers at the firms said.
UBS this month advised bankers to travel economy class for flights of up to five hours, two officials at the biggest Swiss bank said, asking not to be identified because it’s an internal policy. Merrill employees have been asked to travel economy for flights of as much as three hours since mid-September, two executives at the firm said.
Is there no end to the misery the credit crisis has wrought?