Citicorp has instructed most of its managers to trim or freeze their already Spartan expense plans as they begin the 1992 budget process, according to bank officials.

In contrast to previous years, when Citicorp spent freely in pursuit of new markets and products, managers have been frantically slashing expenses as the bank company strives to raise profits and capital. Expenses at Citicorp grew at a rate of 9.1% in 1988, 8% in 1989, and 11.4% in 1990.

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