If you recently sent your CEO packing in the wake of $17.4 billion in writedowns, you need to do something to stop the outflow of cash.
For some that might mean eliminating the dividend or cutting back on out-sized executive pay. For Citigroup (NYSE: C), that apparently means cutting back on color copying and BlackBerry use. The Associated Press reports that John Havens, the head of the company's institutional clients group, sent a note to employees admonishing them that "color copying and printing should only be used for client presentations," and "presentations should be printed double-sided to reduce unnecessary paper usage."
That's right: when you're pulling that stunt that involves sitting on the copier and printing 20 shots of your derriere, use the black and white machine, thank you very much. BlackBerry use will also be more closely monitored, and there will also be a cutback on outside management consultants and training, and functions held outside of the company's offices.
Of course the savings from measures like this are a pebble in the sand of hideously bad mortgage investments, but it's good to see that the company is clamping down on the waste of shareholder resources.
But doesn't it seem a bit, I don't know, hypocritical to be yelling at employees about wasting paper when the failed CEO left the company with a 9-digit parting gift?
Citigroup cuts down on office waste
Posted Aug 26th 2008 5:20PM by Zac Bissonnette
Filed under: Citigroup Inc. (C)
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Reader Comments (Page 1 of 1)
8-26-2008 @ 8:57PM
Tom Romer said...
What about the millions paid to Robert Rubin for supervising the company and yet failed to even look into CDOs, subprime mortgages, and other risky bets that cost billions. He's still there pulling down more millions for "consulting". Better to let the employees make wasteful use of the copier than to keep a high profile name who does nothing.
8-30-2008 @ 8:27AM
Darrell said...
We may not have to wait much longer to get rid of the empty suit, Bob Rubin and save the millions and millions that have been wasted on him for about ten years. I suspect he is saving his energy for a hoped for appointment as Treasury Secretary in an Obama Administration. Scary huh!