Bank of America to Sell 3 Jets and A Helicopter

Bank of America is selling some of its corporate aircraft fleet as the bank looks to scale back costs. Many financial firms are giving up private jet travel as scrutiny mounts over lavish spending after the companies received billions of dollars in rescue funds.

AP
Published: February 4, 2009
Updated: February 4, 2009

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CHARLOTTE, N.C. (AP) - Bank of America is selling some of its corporate aircraft fleet as the bank looks to scale back costs.

Many financial firms are giving up private jet travel as scrutiny mounts over lavish spending after the companies received billions of dollars in rescue funds.

“As part of an ongoing cost reduction effort we have been scaling back on our use of corporate aircraft including selling three aircraft we own and the Merrill Lynch helicopter,“ Bank of America spokesman Scott Silvestri said Wednesday.

Bank of America is the owner of nine planes, including four Gulfstreams, FAA records show. The Charlotte-based company acquired brokerage Merrill Lynch & Co. in January.