Citi Announces 2016 Planned Capital Actions
30 June 2016 - 6:45AM
Business Wire
The Federal Reserve Board today announced that it does not
object to the planned capital actions requested by Citi as part of
the 2016 Comprehensive Capital Analysis and Review.
The planned capital actions include an increase of Citi’s
quarterly common stock dividend to $0.16 per share (subject to
quarterly approval by Citi’s Board of Directors), as well as a
common stock repurchase program of up to $8.6 billion during the
four quarters starting in the third quarter of 2016. The planned
capital actions total $10.4 billion over the next four
quarters.
Michael Corbat, Citi’s Chief Executive Officer, said, “We are
pleased that today’s result shows progress on two of our most
important priorities – to establish Citi as an indisputably safe
and strong institution and to demonstrate our ability to
consistently increase the amount of capital returned to our
shareholders. We remain intently focused on strengthening and
improving Citi’s capital planning process while delivering the
returns that our shareholders expect and deserve."
Repurchases by Citi under the common stock repurchase program
may be effected from time to time through open market purchases,
trading plans established in accordance with U.S. Securities and
Exchange Commission rules or other means, depending on satisfactory
market conditions, applicable legal requirements and other factors.
The common stock repurchase program does not obligate Citi to
repurchase any particular amount of common stock, and it may be
suspended at any time at Citi's discretion.
Citi
Citi, the leading global bank, has approximately 200 million
customer accounts and does business in more than 160 countries and
jurisdictions. Citi provides consumers, corporations, governments
and institutions with a broad range of financial products and
services, including consumer banking and credit, corporate and
investment banking, securities brokerage, transaction services, and
wealth management.
Additional information may be found at www.citigroup.com |
Twitter: @Citi | YouTube: www.youtube.com/citi | Blog:
http://blog.citigroup.com | Facebook: www.facebook.com/citi |
LinkedIn: www.linkedin.com/company/citi
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Citigroup Inc.Media:Mark Costiglio,
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