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Citigroup to seek regulator's nod for shares buy-back
- USA: Sunday, January 06 - 2013 at 05:06
Citigroup Inc. is planning to ask regulators for permission to buy back a "minimal" number of shares, the Wall Street Journal has reported, citing people familiar with the company's plans. Citigroup Chairman Michael O'Neill and newly installed CEO Michael Corbat told company executives that the capital plan the company submits to the Federal Reserve must be so conservative that it will not be rejected, the report said. Citigroup's last annual plan was rejected by the Fed in March after former CEO Vikram Pandit led analysts and investors to believe the company would be allowed to spend a few billion dollars on share buybacks and additional dividends.
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