New York The Federal Reserve Board today advised Citi that it has no objection to the planned capital actions requested by Citi as part of the 2015 Comprehensive Capital Analysis and Review (CCAR).
The planned capital actions include an increase of Citi’s quarterly common stock dividend to $0.05 per share (subject to quarterly approval by Citi’s Board of Directors), as well as a common stock repurchase program of up to $7.8 billion during the five quarters starting in the second quarter of 2015.
Michael Corbat, Citi’s Chief Executive Officer, said: “We are committed to delivering meaningful returns of capital to our shareholders and today’s decision will allow us to begin doing so. We have worked very hard over the last twelve months to further strengthen our capital planning process, with the goal of embedding it into the way we run the firm. We are committed to building on the progress we have made and ensuring that we have a sustainable process that serves the financial system as well as our shareholders. We want Citi to be an indisputably safe and sound institution and will do everything in our power to make that the case, year in and year out.”
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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