Citigroup May Spend $10 Million for Executive Suite
Bloomberg carried an interesting piece of news on Citigroup today. It is said that Citigroup intends to spend a whooping $10 million on refurbishings for the top man and his band of lieutenants. This is apparently part of an effort to reduce its office space worldwide by more than 10 million square feet to help save $15 billion over the next few years.
Here, I am thinking, why is this money not spent on making sure the various business units within the bank function better? While it is argued that this spent will save the company billions in coming years, isn’t it better to focus on the immediate problem and see how this $10 million can help ensure that business continue and people retain their jobs?
The article further pointed out that plans and instructions for the bank’s contractors, on file with the city (NY), specify the installation of at least one Sub-Zero Inc. refrigerator and icemaker in the renovated space, along with “premium grade” millwork and Madico Inc. “Safety Shield 800” blast-proof window film. The project encompasses 17 private offices, each with space for administrative assistants, as well as two conference rooms and open areas with “soft seating,” according to the plans.
I am not sure what other people will think, but I am certainly annoyed with the idea that Citi is spending the government’s money so lavishly, especially when they came so close to being a penny stock some weeks ago!!
Wonder how the stockholders will react to this piece of news?
