Excess

Citigroup Plans $10 Million Suite

Apparently, they never learn: Bloomberg reports that Citigroup is planning to build a $10 million executive suite with new offices for its CEO Vikram Pandit and his lieutenants. Papers show Citigroup plans to pay $3.2 for basic construction—tearing down walls and such—and a source familiar with the project says final costs will be three times that much, once they add in architect’s fees and furniture. In a statement, Citigroup said “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.”