Citigroup News | 03/19/2009 10:10 am

Citigroup Spending $10 Million on New Suites

By The Staff at wowOwow.com

Citigroup has some nerve.

Months after the government forked over $45 billion to save Citigroup’s hide, the bank is now spending $10 million on a new suite for CEO Vikram Pandit. In addition to getting new plush chairs, Mr. Pandit will reportedly receive a new sub-zero refrigerator and blast-proof windows. Perhaps the company’s anticipating backlash?

Even if they’re not, Citigroup is already defending its decision, telling Bloomberg News that the construction will help them save money over time:

Senior executives in our corporate headquarters are moving from two floors to smaller, simpler offices on a single floor. Based on estimates made when the project was initiated, we expect to generate savings in the next few years well in excess of the project costs.

Now, we’re not sure what math they’re using, but this project certainly won’t win them any friends among the general public. Nor should it.

Read more about: Bailout, Citigroup, News, Office, Politics, Vikram Pandit

7 Reader Comments (so far…) Sign In or Register to comment

Now who did Gibbs say was overseeing where all the bail out money was going….does anyone remember who he named? Just curious!!!

By Libra Lady on 03/19/2009 10:51 am

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Citibank lives on some other planet…….I take it LL, that your comment intends to blame someone OTHER than citibank for this decision?

By Patty E on 03/19/2009 10:56 am

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Those in charge of overseeing the companies that received TARP money think nothing of it evidently..when you are talking Trillions what is a mere million!

meanwhile small business is struggling to pay their lease payments.

By S.J. Morgan on 03/19/2009 12:39 pm

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Maybe they should consider moving to MY "smaller, simpler office" where there is no need for plush chairs or sub-zero refrigerators! If they spend this money they may very well need the blast-proof windows.

I don’t even know how I’d begin to spend $10 MILLION dollars on my office!!

By M Gibson on 03/19/2009 12:59 pm

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Citigroup should not be given bailout money !! Treasury’s taking up to 36% of this Bank? Is it merely a consollidation, or Big Brother is taking up the free world here? $20 Billion Bail Out Money,people are out of work, loosing their homes, cannot feed their children and yet we bailout crooks?So I am left to believe that a honest hardworking man or woman works to keep billionairs in the life style they refuse to give up for the betterment of our Country.

By Riene Alphin on 03/19/2009 5:19 pm

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I’m so sick of all this corporate double talk. Let me get this straight ~ if I were to renovate my office at a cost say of $10,000,000, this is going to "save me money over time" HOW????

By Nanny hasSeven on 03/19/2009 11:15 pm

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The problem with these big banks is that they have gotten away with doing stuff for so long they honestly don’t see that their actions are wrong. I mean do they really need those updates? Im sure they dont…I mean the department I work for there are 46 of us crammed into a little space…our desks are not that big…one time we looked to move to an office across the hall from our current office and it would hae cost us $1million dollars…that was to pay for the contractors to come in and move all the stuff for us & rent on the new space. This is a building now that is owned by the bank I work for…we even offered to move everything ourselves but was told due to insurance risks that wasnt possible, so we still pluck away in our little space where if someone breaths too heavy you feel it across the room. We are thrilled we still have jobs but know that can change anyday.

We keep saying all these banks should know better but how would they? They have done it for so long…its like letting a child eat suckers everyday & then making them stop…whining will take place

By C Hardy on 03/20/2009 7:38 am