Summary
Citigroup Inc. (Citi) filed an 8-K on March 26, 2014, to report on the outcome of the Federal Reserve Board's (FRB) 2014 Comprehensive Capital Analysis and Review (CCAR). The FRB announced it objected to Citi's submitted capital plan. Despite this objection, Citi is allowed to maintain its existing capital actions through the first quarter of 2015.
Key Highlights
- 1FRB objected to Citigroup's 2014 capital plan as part of the CCAR.
- 2Citigroup can continue its current capital actions through Q1 2015.
- 3Current capital actions include a $1.2 billion common stock repurchase program.
- 4Current capital actions include a common stock dividend of $0.01 per share per quarter.
- 5These continued capital actions are subject to Board of Directors approval.
- 6The filing was made on March 26, 2014, concerning events on March 25, 2014.
Frequently Asked Questions
The main news is that the Federal Reserve Board (FRB) objected to Citigroup's capital plan submitted as part of the 2014 Comprehensive Capital Analysis and Review (CCAR). However, Citigroup is permitted to continue with its existing capital actions until the first quarter of 2015.
Citigroup can continue its common stock repurchase program of $1.2 billion and its quarterly common stock dividend of $0.01 per share, subject to the approval of its Board of Directors.
No, the FRB's objection relates to the submitted capital plan. Citigroup is still allowed to proceed with its current capital actions, including stock repurchases and dividends, through the first quarter of 2015.
The Federal Reserve Board announced its objection on March 26, 2014, and Citigroup filed this Form 8-K on the same date to report the event.