Bank of America selling some corporate aircrafts

Bank of America is selling some of its corporate aircraft fleet in order to cut back costs.

Many financial firms are giving up private jet travel as scrutiny mounts about lavish spending after banks received billions of dollars in federal rescue funds.

A Bank of America spokesman said the company is scaling back its use of corporate aircrafts in order to reduce costs. The company has sold three of its aircrafts and a Merrill Lynch helicopter it acquired when the two companies merged.

Bank of America owns nine planes.