Many bankers and traders are no longer able to enjoy company perks like fancy limos, luxurious business class seats, and expensive meals due to multibillion dollar write-downs. To cut expenses and improve profits, trading desk heads and senior bankers are making cuts to small comforts. Ron Karp, a controller at Corporate Transportation Group, has noticed a decrease in demand for rides home for Wall Street workers, as companies are now more cautious about spending money on extravagant perks. He mentioned that there has been a noticeable decrease in business at car services throughout the city in the past month. Rather than implementing companywide cutbacks like in the early 2000s after the tech bubble burst, cutbacks are now happening in specific departments. However, employees in these departments are still feeling the financial strain. Credit Suisse has reduced cell phone subsidies and eliminated car vouchers. Merrill Lynch has restricted business class travel for certain divisions, Goldman Sachs has discontinued free soda, and JP Morgan has raised the qualifications for free meals and transportation. Reducing small benefits helps reduce costs, but more importantly it sends a message to employees to be mindful of their expenses. According to equity analyst Brad Hintz, cutting perks at banks is a way to remind workers to be cautious with spending. The financial industry has seen significant losses and layoffs in recent years, prompting companies to focus on cutting costs and reducing workforce. Professor Roy Smith emphasizes the importance of accelerating layoffs and cutting operating expenses during this challenging climate. Banks have adhered to this procedure in 1987, 1990-91, 1994, 1998, and 2000-2002, according to him. The uncertainty lingers over whether the reductions will cease as the prospects for Wall Street firms improve, as the AMEX Security Broker Dealer Index .XBD has climbed over 30 percent to 181 since hitting its lowest point on March 17. In order to be prepared to capitalize on any market recovery, managers are opting to cut amenities rather than staff. As a result, at Credit Suisse, certain departments have imposed a strict $30 limit on meals for traders working late, as reported by a source familiar with the situation. Employees are no longer able to select dinner from any restaurant in town. Instead of using traditional methods, all catering orders are now placed through the online service SeamlessWeb to allow managers to better track food orders. Some employees no longer receive full reimbursement for their personal cell phone bills, as the company now only covers a portion. Car vouchers have been eliminated, requiring traders to use corporate cards for transportation expenses. Certain divisions at Merrill Lynch have removed first class and business class travel for domestic flights, as confirmed by an equity trader. Representatives from Credit Suisse and Merrill noted that these changes were not uniform across the entire company, but were instead implemented by specific teams or divisions. Even companies that have not been significantly impacted by the credit crunch are reducing costs. For example, at JPMorgan, employees may need to work late to qualify for a ride home, or stay at work for a period after ordering food on the company's account. Goldman Sachs recently stopped providing free soda on some trading floors. However, it is important for companies to be cautious with cost-cutting measures as it could have negative consequences in other areas, according to Jeff Visithpanich, a principal at compensation consultant Johnson Associates.  Perhaps it appears favorable in theory, but in reality, what happens is that a group of individuals start taking extended breaks to go down to Starbucks.