In its inaugural quarterly report on aircraft financing sent to clients this week, Citi Private Bank said business aircraft financing, “like all other aspects of the business aircraft market, is experiencing ups and downs.”
Sikorsky is to cut 540 jobs–about 3 percent of its global workforce–in the U.S. and Poland, the company said late in September, citing as the reasons, “U.S. and international economies and their impact on customers.”
If you’re gainfully employed in business aviation, odds are you vote Republican and cheerlead for robust capitalism, and that’s understandable. Nobody with a mortgage and kids to educate is inclined to bite the hand that feeds, and capitalism-created wealth is what pays the bills for all of us in this business.
As part of an industry still struggling to recover from a recession and continuing attacks by the media and politicians alike, I was appalled by President Obama’s press conference Wednesday in which he used his bully pulpit to vilify corporate-jet owners. Not surprised. But appalled.
The Air Transport Association of America (ATA) has chosen prominent Washington lobbyist Nicholas Calio to replace James May as its president and CEO, effective January 1.
Aviation Technology Group (ATG) of Englewood, Colo., laid off 40 of its 50 employees on December 17 and announced a day later that it has halted development of its two-seat Javelin very light twinjet, citing lack of funding.
The boom in demand for business jets is inevitably pushing prices skyward, and Citi Private Bank is here (Booth No. 858) to help would-be buyers finance their airplanes.
When Mary Schwartz, director of aircraft finance for Citigroup (Booth No. 1058), was given the task of forming the New York-based bank’s aircraft finance department six years ago, its portfolio of business airplanes consisted of just a few.