Merrill Lynch may be grounding some of its top executives.
According to The Financial Times, the investment bank is putting the brakes on the use of private jets among its senior managing directors, requiring them to obtain direct clearance from the global head of investment banking to hire one and to demonstrate there is no more efficient means of transport.
Still, some of the newspaper’s back-of-the-envelope calculations may give the bank’s executives some hope, especially if they travel in teams.
According to The Financial Times, a Cesna Citation CJ3, which takes six passengers, costs $14,000 for a trip from New York’s Teterboro airport to Indianapolis and then on to Cincinnati and back. By contrast, it calculated, a short-notice return ticket from New York Newark just to Indianapolis costs about $1,000 in first class.
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