Tuesday, August 26, 2008

Last Desperate Gasps at CitiGroup?

That's what appears to be going when reading this Bloomberg report:
Citigroup Inc., the biggest U.S. bank by assets, banned off-site meetings among employees and cut back on color photocopying to reduce expenses as investment- banking revenue declines.
Now, don't get us wrong. Daily Sprawl is a huge supporter of these type of more sustainable corporate practices.

But, at this point, they beg the question: Why did Citi wait until it was a crisis time to take such logical steps?

Unfortunately, there's no good answer and that's much of the reason why Citi and other similar companies are unlikely to survive this crisis as they are currently situated.