Citigroup Hasn't Asked to Return More Capital to Shareholders

Citigroup Inc. said it hasn’t requested approval to return more capital to shareholders and is instead focusing on the next round of Federal Reserve stress tests.

The lender commented in an e-mailed statement Friday, following announcements from bigger competitors JPMorgan Chase & Co. and Bank of America Corp. that they had received Fed approval to repurchase additional stock. Citigroup’s board authorized $7.8 billion of share buybacks in 2015.

“Citi was pleased last year that the Federal Reserve did not object to our planned capital actions” last year, Mark Costiglio, a spokesman for the New York-based lender, said in the statement. “Since then, we have not made additional requests.”

JPMorgan said Thursday it received clearance to buy back an additional $1.88 billion of stock on top of the $6.4 billion approved by regulators in last year’s capital plan. Bank of America may repurchase as much as $800 million of additional shares to offset dilution that would otherwise result from incentive-compensation awards made this year, the Charlotte, North Carolina-based lender said earlier Friday. The bank’s board approved $4 billion of stock buybacks last year.

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