August 27, 2008
Citi Gets Serious: Ceases Color Copies
Citigroup Limits Meetings, Pares Color Photocopies
“Citigroup is clamping down on spending after reporting $55 billion of writedowns and credit losses in the past year, more than any other bank … Color photocopiers will be removed from some locations and their use will be limited to client presentations … Citigroup employs about 363,000 people globally … ‘We will be conducting a review of our Blackberry usage. In the interim, all new Blackberries will require pre-approval.’”
What a riot. How many Vice Presidents does Citigroup have left on the payroll who make six figure salaries and screw around all day on the internet like the late, lamented Large? My conservative guess is at least 10,000.
Cat: | Time: 3:11 pm (utc+8)
August 27th, 2008 at 5:26 pm
Indeed it is ridiculous. It is the corporate lunacy which is so widespread…
Cheers,
Markus
August 27th, 2008 at 9:32 pm
When I first read this story, I nervously chuckled. It reminded me of when I worked for a company back in the 1990’s and when they ran into financial trouble due to a downturn in auto sales. They did two things:
- fire people.
- put a lock on the copy machine.
They put a lock on the copy machine. I was incredulous at the time, and now this story in 2008 about Citigroup clamping down on color copies and banning off site meetings. I realize copies aren’t exactly cheap (color copies no less), but as you point out, how many over paid executives do they need to change a light bulb?
Come on Citigroup. Who are you kidding?
August 27th, 2008 at 9:42 pm
I once worked for a automobile insurance division of The Hartford (HIG); during an expense crush about a decade ago, they decided to fight expenses by clamping down on overtime for claims adjusters!
Let’s see … claims adjusters always work overtime and budget their lives accordingly; other insurers always need quality adjusters, so there’s always a job available; claims which don’t settled promptly tend to inflate in value; when the backlog gets too high, the company will be forced to hire outside adjusters, who don’t do as “tight” a job as the in-house adjusters would have done; etc.
I think they’d have been better off futzing around with the color copiers.
August 28th, 2008 at 8:24 am
Sounds like there was an informal survey of the 10000+ Vice-presidents before the hammer came down.
August 29th, 2008 at 8:50 pm
The last thing I remember about Enron was their removal of the free coke vending machines.
August 29th, 2008 at 9:15 pm
@Thomas: Coca-Cola or coke? ;-)
September 3rd, 2008 at 3:32 am
I recently left SB/C after ten years. The stupidity I saw at SB was astounding. Anyone would be incredulous over the things I saw go on there. No one would believe me to hear the stories. They get what they deserve. The company is rubbish. Good employees…terrible management at all levels.
September 3rd, 2008 at 2:55 pm
@Malcolm: I believe Scott Adams of Dilbert fame once worked for a phone utility, thus giving himself a lifetime of comic material. :)