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Sandy Weill's pantry raid

Citigroup may be shelling out $12.5 billion to buy Mexico's Banacci, but chairman Sandy Weill still likes to save a peso whenever he can. Thus when coffee stations recently began to disappear on some Citigroup floors, speculation ran rampant that Weill had outlawed free coffee.

June 30, 2001

"You can't even get hot water," one research analyst moaned last month. But employee fears about the disappearing java turned out to be, well, groundless. Although the giant bank did reduce the number of coffee pantries as part of a cost-cutting move, free coffee remains available. Why anyone would want to drink it is another matter. "It's funny that people would care," said one Citi official. "The stuff is really bad."