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This is an archive article published on March 28, 2014

US Fed bars shareholder payouts from Citigroup

Citi was one of five banks whose payout plans were rejected by the US Fed on Wednesday.

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The US Federal Reserve on Wednesday rejected Citigroup Inc’s plans to buy back $6.4 billion of shares and boost dividends, saying the bank is not sufficiently prepared to handle a potential financial crisis.

The decision marks the second time in three years that Citigroup has failed to win the Fed’s approval for its plan to return money to shareholders, known as the “capital plan.”
Officials at the bank never saw the rejection coming, a source close to the matter said on Wednesday.

Citi was one of five banks whose payout plans were rejected by the US Fed on Wednesday.

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