Citigroup Limits Meetings, Pares Color Photocopies (Update1)

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.

....Citigroup has declined 40 percent this year on the New York Stock Exchange, compared with 30 percent at Charlotte, North Carolina-based Bank of America Corp. and 17 percent at JPMorgan Chase & Co., based in New York. Citigroup rose 1 cent to $17.62 in composite trading at 9:34 a.m.

Financial firms globally have eliminated 101,250 jobs since the beginning of the credit crunch last year.

Merrill Lynch & Co., struggling to halt a four-quarter streak of $19 billion in losses, imposed a freeze on new hires this month and restricted the use of private jets, the Financial Times reported in July.

Deutsche Bank AG requires dealmakers to get their managers' approval for taxi trips in advance, and business meals can't exceed 50 pounds ($92) per person, the Independent newspaper reported in April.

Citigroup is also scaling back external training, which will be limited to that which is ``strictly necessary,'' ....