BOSTON: US limousine companies are laying off workers and closing offices as the recession cuts into demand for the shiny black symbols of wealth and power.

Big financial companies, which routinely used limos in earlier times of plenty, are turning to less flamboyant transportation to save money and to avoid an appearance of profligacy at a time of national austerity.

BostonCoach, the limousine division owned by mutual fund giant Fidelity Investments, has closed branches in San Francisco, Dallas and Atlanta and a spokesman said the company now has 877 employees, down from 1,200 in April last year.