The Federal Reserve Board announced that it does not object to the planned capital actions requested by Citi as part of the 2016 Comprehensive Capital Analysis and Review.
The planned capital actions include an increase of Citi’s quarterly common stock dividend to $0.16 per share (subject to quarterly approval by Citi’s Board of Directors), as well as a common stock repurchase program of up to $8.6 billion during the four quarters starting in the third quarter of 2016. The planned capital actions total $10.4 billion over the next four quarters.
Michael Corbat, Citi’s Chief Executive Officer
Michael Corbat, Citi’s Chief Executive Officer, said, “We are pleased that today’s result shows progress on two of our most important priorities – to establish Citi as an indisputably safe and strong institution and to demonstrate our ability to consistently increase the amount of capital returned to our shareholders. We remain intently focused on strengthening and improving Citi’s capital planning process while delivering the returns that our shareholders expect and deserve.”
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.
