Finance and M&A News and Updates

The New York Times posts a telling memo from John Havens, the head of Citi's institutional clients group about expenses. It's fair to say that the perks bankers once enjoyed are going away. Blackberry purchases now require pre-approval. Citi is also cutting back on management consultants and contractors and the like. Color copying and printing are reserved only for client presentations, which should be double sided. Only computers and other technology that "can be demonstrated to be absolutely critical" will be approved. Market data feeds are being reviewed, but Havens thinks Citi's usage is above industry "best practices." Non-client travel is being scaled back. Citi will crack down on car service and meals. External training will be limited. Get used to it!
For more: - here's the Times item
Related Article:Travel expense controls in place?