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Citi Joins Major U.S. Banks in Suspending Stock Repurchases to Support Clients Through COVID-19

Citi (NYSE: C) joined other major U.S. banks today in suspending stock repurchases in light of the COVID-19 pandemic, in an announcement made by the Financial Services Forum.

Benzinga · 03/16/2020 09:12

Citi (NYSE: C) joined other major U.S. banks today in suspending stock repurchases in light of the COVID-19 pandemic, in an announcement made by the Financial Services Forum.

As Citi CEO Michael Corbat said in a meeting at the White House last week, "We are here to help." Citi maintains a strong capital position and is putting its capital to work in supporting its clients and customers at a critical time of need. Citi continues to dedicate its resources to supporting clients through lending or other activities, from individuals to small businesses to large companies, during this uncertain time.

This is the latest in a series of proactive measures that Citi has taken to maintain our ability to serve our clients. On March 6, Citi announced it was offering assistance to impacted customers in the U.S. through a range of measures, including fee waivers for Citibank customers, hardship programs, and additional small business support, such as extended banker availability.

Through March 13, Citi has returned approximately $57.4 billion in capital over the past three CCAR cycles relative to the goal set at Investor Day in 2017 to return at least $60 billion in capital. Citi had been approved to return roughly $62.3 billion in capital over the three-year period. There is no change to Citi's dividend policy.