Citi Announces 2017 Planned Capital Actions
June 28 2017 - 4:38PM
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 2017 Comprehensive Capital Analysis and Review.
The planned capital actions include an increase of Citi’s
quarterly common stock dividend to $0.32 per share (subject to
quarterly approval by Citi’s Board of Directors), as well as a
common stock repurchase program of up to $15.6 billion during the
four quarters starting in the third quarter of 2017. These planned
capital actions total $18.9 billion over the next four
quarters.
Citi CEO Michael Corbat said, “Today marks a significant
milestone for Citi and our shareholders. This year’s CCAR results
demonstrate that Citi has the ability to withstand a severe
economic scenario and remain well capitalized, while also
substantially increasing our level of capital return. For some
time, we have retained a significant amount of capital in excess of
what is needed to prudently operate and invest in the firm. Now we
can begin delivering on two of our most important priorities –
returning a higher level of that capital to our shareholders and
improving Citi’s overall returns.”
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, 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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For Citi:Media:Mark Costiglio, 212-559-4114orInvestors:Susan
Kendall, 212-559-2718orFixed Income Investors:Thomas Rogers,
212-559-5091
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