Citi Statement Regarding the Federal Reserve Board’s Second Round of Bank Stress Tests

NEW YORK--(BUSINESS WIRE)--Today, the Federal Reserve Board released certain disclosures related to the second round of bank stress tests, and indicated that it is extending, through March 31, 2021, the time period for notifying Citigroup whether the Board will recalculate Citigroup’s Stress Capital Buffer requirement. The Board also authorized Citi to take certain capital actions during the first quarter of 2021, provided those actions do not exceed the average amount of the firm’s net income over four preceding calendar quarters.

Michael Corbat, Citi CEO, said, “The latest CCAR results further demonstrate Citi’s resiliency even in times of uncertainty. Throughout this crisis, we have continuously supported our customers, clients and communities while maintaining strong capital and liquidity positions. Citi is committed to continuing to play an active role in supporting the economic recovery. At the same time, we will continue our planned capital actions through the remaining quarters of the 2020 CCAR cycle (i.e., 1Q 2021 through 3Q 2021), which include quarterly common dividends of $0.51 per share, and it is our intention to resume repurchases during that timeframe as well, subject to financial conditions, any future changes to the Stress Capital Buffer and approval from Citi’s Board of Directors. We are pleased to have the opportunity to consider the full range of capital actions as we enter 2021.”

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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Certain statements in this release are “forward-looking statements” within the meaning of the rules and regulations of the U.S. Securities and Exchange Commission (SEC). These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements are not guarantees of future results or occurrences. Actual results and capital and other financial condition may differ materially from those included in these statements due to a variety of factors, including, among others, the ongoing or forecasted impact to Citigroup’s results of operations and financial condition due to the COVID-19 pandemic, regulatory requirements and the precautionary statements included in this release. These factors also consist of those contained in Citigroup’s filings with the SEC, including without limitation the “Risk Factors” section of Citigroup’s Third Quarter 2020 Form 10-Q and Citigroup’s 2019 Form 10-K. Any forward-looking statements made by or on behalf of Citigroup speak only as to the date they are made, and Citigroup does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.