The capital plan that Citigroup Inc. submitted to the
Federal Reserve earlier this year included the possibility of $8 billion in
stock buybacks, people familiar with the situation told the Wall St Journal..
The size of the request, which is far bigger than some
analysts had expected, might have hurt Citigroup's chances of winning Fed
approval. Citigroup officials were stunned by the Fed's rejection in March of
their proposal.
Citigroup didn't explicitly ask for a specific amount.
Rather, the size was based on a formula in which buybacks would be made over a
two-year period if Citigroup hit certain targets, according to people familiar
...
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