UNITED States-based financial giant Citigroup is well-known for its massive staff bonuses in boom times but now, hit by big losses, it is scrimping to cut costs.

The embattled group is clamping down on colour photocopying by staff and the purchase of new BlackBerrys, the popular portable e-mailing gizmo.

Other drastic measures detailed in a memo sent to staff worldwide include a ban on employees holding off-site meetings, apparently to cut down on the cost of refreshments bought outside.

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