Citigroup Limits Meetings, Pares Color Photocopies

[katty]

more: http://www.bloomberg.com/apps/news?pid=20601087&sid=an2sIjEb_VBU&refer=worldwide

Citigroup Limits Meetings, Pares Color Photocopies (Update2)

By Joyce Moullakis

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.

[Greyskye]

1. smart move

About 2 years later then many firms, but better late then never.