In Christmases past, the top bankers on Wall Street would often load their families onto a private jet and head to the beaches of St. Barts or slopes of Aspen for the holidays.

This holiday season, many Wall Streeters are flying commercial, according to jet brokers. Those who are still flying private are jet-pooling with strangers to cut costs. Some are even skipping the catered in-flight meals, which can cost $1,000 or more for four people.

"They're...