8-KOther EventsExhibits & Filings

CITIGROUP INC 8-K Report, Corporate Update (Jun 27, 2019)

Filed June 27, 2019For Securities:CC-PNC-PR

Summary

Citigroup Inc. (C) announced on June 27, 2019, that the Federal Reserve Board has approved its planned capital actions for 2019. This approval is a significant positive development, indicating the Federal Reserve's confidence in Citi's financial stability and capital management. The approved capital actions are substantial and investor-focused, including a notable increase in the quarterly common stock dividend and a significant share repurchase program. These actions are designed to return capital to shareholders and are backed by the regulatory approval from the Federal Reserve.

Key Highlights

  • 1Federal Reserve Board does not object to Citigroup's planned capital actions for 2019.
  • 2Quarterly common stock dividend to increase from $0.45 to $0.51 per share, subject to Board approval.
  • 3Planned common stock repurchase program of up to $17.1 billion over four quarters starting Q3 2019.
  • 4Total planned capital actions amount to $21.5 billion over the 2019 CCAR cycle.
  • 5Share repurchases can be executed through various methods based on market conditions and legal requirements.
  • 6The repurchase program does not mandate a specific amount and can be suspended at Citi's discretion.

Frequently Asked Questions

The main news is that Citigroup Inc. received approval from the Federal Reserve Board for its planned capital actions as part of the 2019 Comprehensive Capital Analysis and Review (CCAR).

The approved capital actions include an increase in the quarterly common stock dividend from $0.45 to $0.51 per share and a common stock repurchase program of up to $17.1 billion, beginning in the third quarter of 2019.

Citigroup is planning to return a total of $21.5 billion to shareholders over the four quarters covered by the 2019 CCAR cycle through dividends and share repurchases.

No, the common stock repurchase program does not obligate Citigroup to repurchase any specific amount. Repurchases are subject to market conditions, legal requirements, and other factors, and the program may be suspended at any time at Citigroup's discretion.