Robert Rubin, whose position at Citigroup was downgraded to "Senior Counselor" yesterday, is not the only thing the bank is cutting back on. This morning, a memo went out to Citigroup employees informing them they need to start tightening their belts in the areas of travel, furniture, and telecommunications, and that they'd be curbing some other taken-for-granted perks, too:
Color Copying and Color Printing — The use of color copying and printing dramatically increases our copying and printing costs. Color presentations are unnecessary for internal purposes; therefore going forward color copying and printing should only be used for client presentations. Also whenever possible, presentations should be printed double sided to reduce unnecessary paper usage. Over time, we will be removing color copiers and printers from the locations where they are not essential for purposes of preparing client presentations.
Wait: They're hiding the color copiers? To curb illegal printing in glorious color? What will they take away next? The free Equal packets? It's an outrage! Except: Citi is up by a smidge. It's already working!
Related: In Tough Times, Wall Streeters Forced to Make Humiliating Lifestyle Changes
Citi Holds Back On Color Copying [Dealbook]