Oh dear. More details of cutbacks at US banking giants Merrill Lynch which cancelled its Christmas parties earlier this year for its London staff. Cost-saving measures also include a prohibition on flights on Concorde, a requirement to fly economy class on flights under two hours and restrictions on taking taxis home after working late.

But its not just Merrill Lynch which is engaging in belt tightening exercises in response to turmoil in the markets. Salomon Smith Barney has cut allowances for company cars, meaning some people who once got cars as part of the package don't any longer, and others are getting less money to cover the use of a car. Hard times indeed.