Citigroup to Cut Costs

It’s clear as day that companies should be putting themselves under the microscope to see how and where they cut and costs. But some of these larger companies have no idea just how fat they really are. I love this article:

Citigroup Limits Meetings, Pares Color Photocopies

On first glance, it seems like a minor but prudent step being taken. Color copies cost upwards of 10 times the amount of black and white copies, and I know from experience that many copiers are simply set to color even if they don’t need to be. On further scrutiny, what types of policies (or lack thereof) were in place prior to these changes that allowed such wild spending?

Under the new policy, employee meetings must be held within Citigroup offices and client events will require approval, the memo said.

Oh well, I guess that means no more spontaneous sales meetings held at Scores.

Color photocopiers will be removed from some locations and their use will be limited to client presentations.

As opposed to printing of family photos and NCAA office pools.

Citigroup is also scaling back external training, which will be limited to that which is ``strictly necessary,''

Well, there goes advanced dinner party etiquette. Hopefully “introduction to Microsoft Excel” is strictly necessary.

Purchases of computer hardware and software must also be pre-approved under the new rules,

Seriously – were they really buying hardware and software without approval? I should have asked someone from Citibank to expense a new server for me – or an Xbox 360.

We will be conducting a review of our Blackberry usage,'' Citigroup said. ``In the interim, all new Blackberries will require pre-approval.'

Nice. So no one approved Crackberries previously, nor did anyone ever review usage.

I’m glad Citi’s making such responsible steps in limiting what seemed to be complete out of control unchecked spending. Too bad they didn’t do that before whacking 14,000+ employees.