Grahame Chilton's team will be eating out less.

Benfield chief Grahame Chilton is tightening his belt and those of his colleagues.

Chilton is following other financial services companies and cutting back on the broking group’s expenses, including entertainment and travel.

It is looking to save £15m a year in costs from next year. Benfield staff are known for their love of steaks, so City eateries Chez Gerrard and the Gaucho Grill could see their takings hit.