Citigroup Won't Ask for 2012 Capital Returns
NEW YORK (TheStreet) -- Citigroup (C) will not seek to return additional capital to shareholders when it resubmits its capital plan to regulators on Monday.
Citigroup sought to raise its dividend and buy back shares earlier this year but was turned down by the Federal Reserve. However, "the results showed that Citi comfortably exceeded the stress test requirements without Citi's proposed capital actions," Citigroup stated on Friday.
"As we noted in April, the Federal Reserve's schedule requires us to submit our 2013 capital plan in January. In light of that timing, we have decided not to request any additional return of capital in the 2012 re-submission," Citigroup said in its statement, noting it would make a decision about its 2013 plan later this year.
-- Written by Dan Freed in New York.
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