Travel, top-class restaurants, even taxicabs. Discretionary expenses have been hammered in the last 18 months as companies look to cut costs and claw their way back to profitability. The chastened boards of AIG and others are forgoing their luxury retreats and private jets, and analysts estimate that such spending has been trimmed by as much as 30% in some sectors, and even higher in the financial services industry.
Read full article
