Wall Street is more than a street in New York, just as Madison Avenue is more than a street in New York. In fact, a large part of Wall St. now exists in Charlotte, NC–The Queen City. Which is perfect really. Bankers can move money around in Manhattan by day and be back at Lake Norman for ribs and cocktails by sundown. Unless said bankers have to fly commercial and negotiate the nation’s airports. Then all bets are off.
CNBC has the rest…
Bank of America, reacting to the recent controversy over executive perks, plans to sell three of its eight corporate jets, sources inside the bank tell CNBC.
BofA has had one of the biggest fleets of corporate aircraft on Wall Street and had been reluctant to talk about it in the past. The fleet includes 8 corporate jets, comprised of 2 falcon corporate jets and 5 gulfstreams, plus something they call the Merrill Lynch global express. Each is valued between $45 and $50 million.
In addition to the jet sales, BofA will sell a helicopter from Merrill Lynch that it aquired in the merger between the two companies. BofA says it never used the aircraft.
I’m glad to see BofA move so promptly. I hope they do the same when a buyer is seeking a 30-year note on 1FairwayDrive.
