The US government has seized control of Citigroup's staff Christmas party budget and set tight restrictions on the use of its corporate jet in exchange for its $45bn (£28bn) bail-out.
The measures are among a raft of restrictions on expenses detailed in the small print of filing made by Citi on New Year's Eve with the US financial regulator, the Securities and Exchange Commission.
The filing was made to formalise restrictions on executive pay and bonuses that Citi's chief executive, Vikram Pandit, was forced to adopt in exchange for the US government bail-out, which includes guarantees on $306bn of troubled assets on top of $45bn of loans.
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