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.
BofAhas 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.
The same sources say BofA will also divest itself from one of two corporate apartments in New York City. One of those is located at the Time Warner Center.