Citigroup today announced that the Federal Reserve Board (FRB) has advised Citi that it has no objection to the planned capital actions requested by Citi as part of the 2013 Comprehensive Capital Analysis and Review (CCAR).
The planned capital actions include a $1.2 billion common stock buyback program through the first quarter of 2014 and the maintenance of current common stock dividends ($0.01 per share per quarter). Any repurchases of common stock and common stock dividends remain subject to approval by Citigroup’s Board of Directors.
Michael Corbat, Citi’s Chief Executive Officer said, "We are pleased that Citi will be able to return additional capital to shareholders. Over the past several years, we have rebuilt Citi’s capital base and strengthened our balance sheet as well as shed assets and businesses not core to our strategy. We remain focused on our clients and allocating our resources to where they can provide the best returns and generate consistent, high-quality earnings.”