Citigroup Inc (C)

[Dallas66]

Citi Boosts Stock Buyback 20% as Corbat Pushes for Higher Returns

https://www.thestreet.com/story/13901039/1/citi-boosts-stock-buyback-20-as-corbat-pushes-for-higher-returns.html?puc=yahoo&cm_ven=YAHOO&yptr=yahoo

Citigroup received approval from the Federal Reserve to boost buybacks through June 30 by $1.75 billion. The bank already planned repurchases of up to $8.6 billion.

Citigroup (C) boosted its stock buybacks 20% on Monday as CEO Michael Corbat works to drive higher returns while reshaping the lender after a financial-crisis bailout.

The New York bank received Federal Reserve approval to boost repurchases through June 30 by $1.75 billion, building on an $8.6 billion plan announced over the summer. Coupled with a move to triple the company's quarterly dividend to 16 cents a share, the increase brings planned capital returns to $12.2 billion.