$hitti cancels the choo-choo train

From Bloomberg: Citi Derails Holiday Toy-Train Show in Credit Crunch.

Dec. 9 (Bloomberg) -- Citigroup Inc., the bank that's eliminating 52,000 jobs after getting a $45 billion government bailout, canceled its sponsorship of a New York holiday toy-train exhibit visited by more than 125,000 people a year.

Dunham Studios, the Pottersville, New York-based operator of the 750-square-foot model railroad, was notified of Citigroup's decision last month, co-owner Clarke Dunham said in an interview. That means the free show that first went on display in 1987 at the Citigroup Center lobby may reach the end of the line on Jan. 2 unless another sponsor steps up or the bank reconsiders, he said. It also means Citigroup will save about $240,000.

"The difficult decision to discontinue this sponsorship was part of Citi's ongoing expense-reduction efforts," Citigroup said in an e-mailed statement. Chief Executive Officer Vikram Pandit, 51, announced on Nov. 21 that he wants to cut costs by about $2 billion per quarter starting next year.