- "We are deeply disappointed by the Fed's decision regarding the additional capital actions we requested," says Citigroup (C) CEO Michael Corbat. "The additional capital actions represented a modest level of capital return and still allowed Citi to exceed the required threshold on a quantitative basis."
- Press release
- As previously reported, Citigroup's capital return plan was rejected for "qualitative" reasons, with the Fed saying promised improvements in the bank's capital planning processes have not been made fast enough.
- Citi had shot for a boost in the dividend to a nickel a share, and a $6.4B repurchase program. The bank will be allowed to continue with its current $0.01 dividend and $1.2B buyback plan.
- Shares -5.6% AH on heavy volume
- Full CCAR results