Citigroup Inc. is asking bankers and traders to stop color copying and to start printing internal presentations on both sides of the page, according to DealBook. Citigroup is also limiting BlackBerry usage, new office furniture, technology related purchases and use of consultants, according to the memo.
This announcement by Citigroup was made after McKinsey released a study citing investment banks could save up to $2 billion on data, printing, supplies, delivery and professional services.
DealBook pointed out some examples of other cutbacks including: UBS analysts downgraded to coach status on domestic flights; Deutsche Bank AG employees will no longer be reimbursed for "adult entertainment of any kind"; and Goldman, Sachs & Co. traders in the U.S. no longer get free water and sodas.
The Wall Street Journal points out that Deutsche Bank and Credit Suisse Group both recently asked bankers to meet up in the office instead of hotels.
Another example includes Merrill Lynch & Co. recently asking investment bankers to use commercial airlines if they have to jet-set to close a deal, reserving private jet usage for senior management.
Have you heard of any other cutbacks? Let us know in the comments section below. - Maria Woehr
It's penny-pinching time! With write-downs weighing heavily on investment banks, many are looking at creative ways to cut down costs. 
