Everyone's flying coach! And by "everyone," we of course mean the peons. Vikram and Co. will get their private jet yet.
From: Morgan McKenney, CFO - Global Transaction ServicesSent: Monday, January 26, 2009 6:54 PM
To: *AA All Global Transaction Services Employees
Subject: GTS Expense Restrictions
Dear GTS Colleagues:Given the challenging macroeconomic environment globally, we are implementing a number of additional expense restrictions within Global Transaction Services, effective immediately, to ensure that we are pursuing all options to save on expenses that will not have an impact on our ability to execute for our clients with excellence.
Key areas of expense restrictions are summarized below, and will be added shortly as a link to the Citigroup Expense Management Policy (CEMP). These changes are more restrictive than the CEMP and will save our business millions of dollars this year. Thanks in advance for your support in adhering to these restrictions. Please contact [redacted] with any questions.
Air Travel must be non-refundable coach/economy class with 7 day advance purchase, unless otherwise indicated below:
* Refundable air travel may be purchased for multi-leg international coach/economy class* Business-class air travel is permitted only for client facing, red-eye flights over 8 hours
* Employees MUST book all non-revenue generating travel in advance (7 days +) to obtain best pricing, unless for documented, preapproved emergency travel
* Employees are urged to book revenue generating travel in advance (7 days +)
* Where possible use video conferencing as an alternative to travel
* First-class air travel is not permitted
Cellular phones
* Citi will reimburse business-related charges from an employee's cellular phone up to $200/month - a corporate calling card should be used for any calls that will incur charges outside the monthly plan
* The method used to calculate reimbursement is to divide the total number of minutes used for business by the total number of monthly plan minutes and to multiply this number by the base usage charge (including applicable taxes)
* The employees' cell phone plan must include a corporate discount or 20% will be deducted from the reimbursement
* International calls must be made with a calling card
Hotel phones
* Long distance charges from hotels are non-reimbursable - a calling card must be used
Blackberry
* Blackberry devices (or equivalent) must be purchased through Citi Procurement Services* Devices for VP or below require Exception Approval
* Current population will be revalidated
Meals while traveling
* Meal Caps reduced to $65/person/day for non-designated locations and $125/person/day for LondonCar Service
* Black cars in New York City (below 86th St) from 8am-10pm will not be re-imbursed
Non-Revenue Generating Regulatory or Supervisory Travel
* Non-Revenue Generating Regulatory or Supervisory travel requires Exception Approval
* Travel for internal workshops and meetings should continue to be actively scrutinized, and video conference used if critical
Posted by Clown Capital , Jan 27, 2009 9:32AM
Lol. However Bess, I would have driven the point even further home with a "dammit!" after "Everyone's flying coach!" You gotta be firm, but fair, hard but not coarse, direct but not singular... you get the point...
Posted by guest , Jan 27, 2009 9:33AM
waaaay too restrictive
Posted by European Bear , Jan 27, 2009 9:33AM
With the current exchange rates $ 125 for meals in London seems excessive.
Posted by guest , Jan 27, 2009 9:36AM
"preapproved emergency travel"? The next time I schedule an emergency I will be sure to do it 7 days in advance.
Posted by guest , Jan 27, 2009 9:36AM
from this point forward all commets/questions must be lycan related.
Posted by guest , Jan 27, 2009 9:39AM
Because this is what will save C, I'm sure.
The $65 meal cap is only realistic if all the hotels they make you stay in for these conferences halve the price of their restaurants. Breakfast at the Ritz Carlton is easily $50 before you do anything exciting and you are often forced to stay in the conference hotel. Oh well, maybe I can finally shift some of this Travel Weight.
Posted by guest , Jan 27, 2009 9:41AM
Best review of lycan movie was "Me no lycan".
Posted by guest , Jan 27, 2009 9:42AM
who cares about citi? isn't today NUMBERS DAY at credit suisse??
Posted by AJ , Jan 27, 2009 9:45AM
@6 Get your lazy ass out of bed and run to the starbucks around the corner
Posted by guest , Jan 27, 2009 9:45AM
use toilet paper on both sides please..
Posted by guest , Jan 27, 2009 9:49AM
TP should be removed entirely. Make sure to shake with your right hand.
Posted by guest , Jan 27, 2009 9:51AM
all citi analysts are now required to steal condiments for the cafeteria or 20% will be deducted from meal expenses
Posted by guest , Jan 27, 2009 9:51AM
I have Citigroup listed on my resume.
When my resume comes across your desk do you:
a) Scoff and throw it in the trash
b) Feel pity and throw it in the trash
c) Invite me in for an interview because if I had the fortitude to work there and not blow my head off I must be special.
Posted by guest , Jan 27, 2009 10:03AM
This all doesn't seem so bad, being its 2009 and IB is a dying medium. I expected a lot worse.
Posted by guest , Jan 27, 2009 10:34AM
Dylan Ratigan does not approve.
Posted by guest , Jan 27, 2009 10:42AM
What is a "black car" ?
> * Black cars in New York City (below 86th St) from 8am-10pm will not be re-imbursed
Posted by guest , Jan 27, 2009 10:44AM
@clown capital
quit with geriatric comments from your retirement home.
Posted by guest , Jan 27, 2009 10:48AM
Flying coach is the new killing it
Posted by guest , Jan 27, 2009 10:48AM
Has financial services been made into a commodity like legal services?
http://endofesq.com/?p=920
Posted by guest , Jan 27, 2009 10:49AM
Flying coach is the new killing it
Posted by guest , Jan 27, 2009 10:49AM
Flying coach is the new killing it
Posted by guest , Jan 27, 2009 10:52AM
I still can't believe the government is paying for this crap. Just Resolution Trust Corporation all these banks. That worked for S&Ls.
> Breakfast at the Ritz Carlton is easily $50 before you do anything
Posted by NAS Keflavik boi , Jan 27, 2009 10:54AM
16 - black car = slightly upscale car service like DIAL or PAGE A RIDE -- usu late model Caddy or Lincoln driven by a recent Chinese immigrant who has absolutely NO idea where anything is north of Canal or east of the Manhattan bridge
Posted by guest , Jan 27, 2009 10:55AM
to 16: black cars are the "new limos" of the financial services industry, radio cars that are called to take staffers home, to the airport, whatever. So rather then suffer the indignity of waiting 30 seconds for a cab, they have a "black car" waiting for them.
Posted by NAS Keflavik boi , Jan 27, 2009 10:56AM
@ 22 --
# 6's comment is kind of like listening to the tsarina bitch that the water in the samovar is cold right before they threw her down that mineshaft
Posted by guest , Jan 27, 2009 11:08AM
16 Someone needs to tell them that 125th is the new 86th. In fact, 96th became the new 86th sometime during the Giuliani administration. Are these people that out to lunch?
Posted by guest , Jan 27, 2009 11:24AM
16 Technically, "New York City below 86th" would include, say, Brighton Beach. So if on the chance you lived there (say a young Russian emigrant model jockey still living with his parents) you couldn't take a black car home? But you could take one if you were a frat boy living with five roomates on 87th and York?
Posted by guest , Jan 27, 2009 11:29AM
As a travel manager I can tell you and senior management, there is a point of deminshing returns, in other words, people just won't travel and then your bottom line gets worst becasue you have no new business. Citi is not the sharpest knife in the drawer, that is for sure, I am glad I don't bank with Cit.
Posted by guest , Jan 27, 2009 11:30AM
VP or below need an exception for a Blackberry? Seriously? In 2009?
Posted by Investorcluzo , Jan 27, 2009 11:34AM
"The method used to calculate reimbursement is to divide the total number of minutes used for business by the total number of monthly plan minutes and to multiply this number by the base usage charge (including applicable taxes)"
all of the sudden, every call is a business call...
Posted by guest , Jan 27, 2009 11:50AM
28 Or maybe people just wont travel and companies will need fewer travel managers. So hardly an unbiased observation. But thanks anyway.
Posted by guest , Jan 27, 2009 12:08PM
@31 since I am a department of one it would be hard to go down futher, tho as we have seen the last 6 months not impossible ;-)
Posted by guest , Jan 27, 2009 12:32PM
@24: at one of my previous employers "there's a black car waiting for you" would mean that you were made redundant and the company would pay you for a last ride.
Posted by guest , Jan 27, 2009 12:38PM
@24: at one of my previous employers "there's a black car waiting for you" would mean that you were made redundant and the company would pay you for a last ride.
Posted by guest , Jan 27, 2009 1:23PM
GTS is a back office. Can't they take the Chinatown bus?
Posted by guest , Jan 27, 2009 3:05PM
So the travel policy is still better than 99% of corporations out there. What's the big deal? Where the fuck are these spoiled brats gonna go? Another bank because yeah, they're hiring?
Gimme a frigging break.