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 2018 Comprehensive Capital Analysis and Review.
The planned capital actions include an increase of Citi’s quarterly common stock dividend from $0.32 to $0.45 per share (subject to quarterly approval by Citi’s Board of Directors), as well as a common stock repurchase program of up to $17.6 billion during the four quarters starting in the third quarter of 2018. These planned capital actions total $22.0 billion over the four quarters covered by the 2018 CCAR cycle, which begins in the third quarter of this year.
Citi CEO Michael Corbat said: “Today’s result shows that we are delivering on the commitment made at last year’s Investor Day of improving both Citi’s return on and return of capital. At that time, we established a target of returning at least $60 billion in capital to common shareholders across the 2017, 2018 and 2019 CCAR cycles, subject to regulatory approval. With two of those cycles now complete, we are on pace to achieve that goal while maintaining Citi’s strong capital position and investing in our franchise for future growth.”
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.
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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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