On Wall Street and in the City, bankers and brokers adapting to life amid the credit crunch are learning that sometimes the smallest cuts hurt the most.

Merrill Lynch bankers have to work a half hour longer before they can catch company-paid taxis home. UBS analysts are flying economy class for short-haul flights. And, at Goldman Sachs, UK traders deemed to be at fault for lost or damaged BlackBerries have to contribute out of pocket towards their new machines. In the US, floor-traders have lost their free sodas and bottled water.