The Wall Street firm reportedly is cutting the use of private jets for senior managing directors, according to the Financial Times. Of course the private jets aren't being entirely grounded. Executives that want to take the jet reportedly simply have to demonstrate there is no more efficient means of transportation (aka business class in a commercial airline).
Merrill's policy is aimed at reducing expenses (like oil) and limiting layoffs. The company has shed 4,200 jobs this year and had a loss of $4.6 billion in the second quarter. - Maria Woehr
Investment bankers over at Merrill Lynch & Co. are going to have to pack into commercial airlines if they have to jet-set to close a deal, as it seems the troubled bank is going green to save green. 
