Citigroup Launches $30B Share Repurchase, Rivals Deal Economics
Citigroup launched its $30 billion share repurchase plan and said growing earnings will support a 12% dividend increase. The buyback size is roughly 60% to 129% of the market values of several regional banks discussed as potential acquisition targets, but no deal approach has been disclosed. Citi’s shares closed at $131.65, down 5.5% on the week.