Citigroup Limits Meetings, Pares Color Photocopies

[RamboLiberal]

Source: Bloomberg

Aug. 26 (Bloomberg) -- Citigroup Inc., the biggest U.S. bank by assets, banned off-site meetings among investment- banking employees and cut back on color photocopying to reduce expenses as revenue declines.

Executives in the New York-based bank's trading and investment-banking unit will need to ensure spending is ``highly efficient,'' according to an internal memorandum confirmed by a Citigroup spokesman in London today.

Citigroup is clamping down on spending after cutting about 14,000 jobs in the first half of 2008 and reporting $55 billion of writedowns and credit losses in the past year, more than any other bank, according to data compiled by Bloomberg. Revenue at the company's corporate and investment bank plunged 71 percent in the second quarter on losses for subprime-related assets.

``They are cyclical businesses that do get a bit fat in the good days,'' said Antony Gifford, who oversees about $4 billion in North American equities at Henderson Global Investors in London. ``It's not material, but a worthwhile exercise for a company the size of Citigroup.''

Under the new policy, employee meetings must be held within Citigroup offices and client events will require approval, the memo said. Color photocopiers will be removed from some locations and their use will be limited to client presentations. The memo didn't say how much money the new rules will save.



Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=an2...

---

Oh I'm sure that will save your corporate butt. Keep an eye on the pens, pencils and post it notes as well. Hint - you ever think about cutting back your salaries and perks of the idiots at the top who led you off this cliff?

[Seedersandleechers]

1. No need to worry Citigroup

If you get into trouble us tax payers will bail you out. Just ask the GOP.

[Stuart G]

7. Citygroup is in trouble...this is a very bad sign....

[BrklynLiberal]

2. They will have to hand in the old, used pencil stubs to get new pencils...

[DCKit]

3. "...cyclical businesses that do get a bit fat in the good days,''"....

when the Republicans are in charge, writing lax banking laws, preventing oversight and paying back those who put them in office.

Another thing, if they "got a bit fat", perhaps we shouldn't be so hasty with a bailout - let them live off that fat for a while, as the rest of us are told to do.

[truthisfreedom]

4. That's right, citibank... make sure those office supply rooms are locked up!

Really couldn't happen to a finer company.

[NBachers]

5. Off-site meetings

Looks like those expense-account eat'n'drink fests are getting the big fisheye.

[InkAddict]

6. Also rescinding job offers...

to work on a a brand new platform project for investment funds. Prospective new hires were instructed to STOP all job search activities during the interviewing process as a condition of being considered for the opportunity, new hires had turned appropriate notice to current employers, and some had relocated in anticipation of the quick start date. Decent salaries and BENEFITS were offered as a come-on and handled through an agency far, far away from the client site. It was all just too fast, easy, and well-paid in the current climate to be honest work, know what I mean?

Of course, I was called a party-pooper when I didn't celebrate, fearing they were offering up the grand opportunity to, worse case scenario, eventually go to jail for some sort of previously hidden bank tricks off the books. Nevertheless, desperate times call for desperate measures in spite of numerous questions about the gig. Would it better track irregularities and abuses? Would it manipulate values "better"? would it make users happier? or just make the CEO happier? What debt was the recruiter re-paying or washing? What bandwagon will the big, bad bank be missing out on?

See, that's how to eliminate liquidity - force spending (by the little people) a.k.a. The Churn, for no good reason.

In other interesting news (past and present)...

Hmmm....http://www.thetradenews.com/trading/exchanges/812

or maybe, there's something about Mary...and a mobile in motion....

http://professionaladviser.co.uk/showPage.html?page=pad...

CAVEAT EMPTOR w/these folks, for sure!

[Democrats_win]

8. No calls for Mr. Prince to give back his $68 million?

http://www.americablog.com/2007/11/disgraced-citigroup-...

"And as he awaits his official retirement next month, Mr. Prince can rest assured that he will leave with $68 million, including his salary and accumulated stockholdings; a $1.7 million pension; an office, car and driver for up to five years — all in addition to the bonus. That is on top of $53.1 million he has taken home in the last four years, a period when $64 billion in the company’s market value has evaporated."



YES INDEED! Eat sh*t and die citibank!