Citigroup to spend USD10m on new offices.
Global Banking News - 20 March 2009(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk
Citigroup Inc (NYSE:C), which received USD5bn in government funds, is planning to spend about USD10m on new offices for CEO Vikram Pandit and his team, reports The National Post.
The US banking company said that the move was part of a global space-saving initiative that would save money in the future. Pandit, who cancelled an order for an USD50m company jet in January following a protest, reportedly told Congress last month, 'I get the new reality and I'll make sure Citi gets it as well.'
His comment came as senator Robert Menendez, a New Jersey Democrat and a member of the Senate banking committee, said, 'I think our friends in the banking and financial universe have to understand that they have to stop living in an alternate parallel reality.'
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