Citi may merge NY offices, cuts some color copying
NEW YORK, Aug 26 (Reuters) - Citigroup Inc (C.N) may consolidate some midtown Manhattan offices and ordered employees to pare expenses such as unnecessary color copies, as the largest bank in the United States struggles to cut costs.
Citi is looking at combining some operations around its 399 Park Avenue building in Manhattan, but any consolidation would be focused on buildings in midtown rather than downtown, a person familiar with the matter said.
In an e-mailed statement, Citi said it "remains fully committed to ongoing expense management and any changes we make to our operations, including office space, will help achieve greater cost savings and efficiencies for the company." The bank declined further comment.
Separately, John Havens, head of Citi's institutional clients group, recently encouraged employees to pare spending through such measures as making color copies only for client presentations. Employees were also encouraged to make two-sided copies when printing presentations, according to an internal memo obtained by Reuters.
The bank said it is reviewing its use of market data services, and asked employees to cancel services that are not absolutely necessary.
Citi is reeling from more than $58 billion in write-downs and credit losses in the year ended in June, and has suffered overall losses in each of the last three quarters.
Many companies on Wall Street are cutting costs by reducing business-class travel and limousine use.
CNBC television reported Tuesday Citi cut another, more unusual cost: the construction of a $45 million Japanese garden near its executive suites. (Reporting by Dan Wilchins; editing by Jeffrey Benkoe)
