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Terribly disappointing news today for senior managing directors at Merrill Lynch: They will now need permission to hop aboard one of the company jets. (One of Merrill's Gulfstreams is at left; the full-size is here). It seems the struggling bank has realized that it might save a couple of bucks if bankers weren't commandeering a 12-seater every time they had to, say, go to Philadelphia for a meeting. So now senior execs will not only have to get permission from the global head of investment banking, they'll also have to "demonstrate there is no more efficient means of transport." Headed to Boston? We hear the Fung Wah is pretty efficient! [FT]