Ever wonder how big moneymakers like Citibank save money? Yes, they charge you fees for various banking transactions. A dollar here, a dollar there — it adds up to millions of dollars in revenue when multiplied by their zillions of customers.
But for the past five years, the banking giant has had more on its mind than fees. Namely, redesigning their corporate office buildings so they use energy more efficiently.
Citibank owns an astonishing 92 million square feet of real estate worldwide. And 2002, the company put Executive Vice President Stephen Lane in charge of a project that would evaluate the company’s energy uses worldwide and take steps to lower them. After assessing the data, Lane (who’s known as the “Al Gore of Citigroup”) instituted adopted power-saving measures like turning off escalators in lobbies, using more natural light, allowing employees to open office windows and even redesigning its bank branches to include timed lighting and solar heat and glare controls.
The goal is twofold: to help the environment by cutting emissions and saving money by lowering operating costs — to the tune of $1 per square foot a year, a savings of nearly $100 million dollars.
Citigroup is also building a 15-story building in Queens, N.Y., which incorporates enough energy-saving features to achieve LEED certification, including energy efficient fixtures, work stations illuminated by natural lighting and a storm-water recycling system.