Jim Cramer: Citi Share Buyback Adds to Earnings Power

Citigroup's buyback means huge things for the money center bank's earnings power, says Jim Cramer.
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Citigroup's (C) - Get Report  share buyback means huge things for the money center bank's earnings power, says TheStreet's Jim Cramer. Citigroup 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 $0.16 a share, the increase brings planned capital returns to $12.2 billion.