Merrill Pay Ruck, Grounds Private Jets To Save On Costs
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Ladenburg Thalmann analyst Richard Bove has said: 'People will wonder why this company is spending more than $80m on an individual, when the high fees they've paid out to executives up to this point have not gotten any benefit for shareholders'. The news agency also quotes Oppenheimer & Co analyst Meredith Whitney, who said: 'It's great to have more smart guys around. But he's (Montag) not a panacea. There are still too many market issues Merrill has to deal with'.
In the meantime, The Financial Times reports that while the likes of Goldman tinker around the edges with expense management (staff may now have to contribute towards the cost to fix their BlackBerry if it is deemed that they were responsible for it being broken), Merrill Lynch has 'sharply cut' the use of private jets. According to to the newspaper, senior managing directors are now even required 'to obtain direct clearance from the global head of investment banking to hire one, and (will need) to demonstrate there is no more efficient means of transport'. My, has it really come to that! The Wall Street firm is also thought to be focusing on the more mundane '3 Ts' as it fights to keep down costs - taxis, toilet rolls and takeaway staff dinners.
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