NEW YORK--(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.
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