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No soft soap at Bank of America

Your chief executive took home nearly $100 million in 2006 and you run a fleet of 20-odd corporate jets to ferry board directors to important business meetings and former executives to important Red Sox baseball games. But with the credit squeeze tightening it’s time to start looking at expense management. Where to begin? Employee perks are the obvious place to come up with a few savings, so let’s dispense with the soap in the cafeterias and while we’re at it cut back on the free snacks and soup as well. Goddammit, don’t these freeloaders realise there’s a recession looming.

For the full story, check out the New York Times Dealbook -  Bank of America: We’ve still got soap.

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Paul Penrose

Paul Penrose

Head of Research

Finextra

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06 Oct 2006

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London

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