Citigroup asks for Approval to buyback shares-JPM

Northern, WI  1/6/2013 (USAMarketbuzz) –According to sources Citigroup Inc. (NYSE:C) has put forward a request to the regulators to grant the consent for the company to buy back its shares. They have advised the number of the shares to be bought back will be “minimal” and the sole reason for doing the same is Citigroup Inc. (NYSE:C) intends to increase the returns for the shareholders.

The request is forwarded as a part of the yearly capital plan and the leaders – Michael O’Neill and Michael Corbat, the Chairman and CEO of Citigroup Inc. (NYSE:C) are confident that the draft will not be disapproved. Most of the banks are expected to submit their respective annual plans to the Federal Reserve on Monday.

In November last year JPMorgan Chase & Co. (NYSE:JPM) bank was allowed to resume the buyback of shares. This was suspended by the bank in May due to the financial loss faced by the company.

Though there is optimism in Citigroup Inc. (NYSE:C) for being able to receive the approval, last year the annual plan was disapproved by the Federal Reserve.

The decision is still awaited and will be advised by the regulators. The future actions by the Citigroup Inc. (NYSE:C) will depend on this decision.

The shares of Citigroup Inc. (NYSE:C) were up by 2.51% to close at $42.43

The shares of JPMorgan Chase & Co. (NYSE:JPM) were up by 1.77% to close at $45.36.

Joe Dashiell was raised in the Twin Cities and is a graduate of the University of St. Thomas. During his free time, he enjoys volunteering and being with friends and family. He is an avid fan of movies and loves to write, shoot, and edit them in his spare time. He is also a musician at heart and plays piano and guitar. He began his journalism career when he was 15-years-old. He and a group of friends competed in NASA's Student Journalism Competition. After winning the National 1st Prize, they were flown out to the Johnson Space Center in Houston Texas to present their project. Shortly afterwards he realized that he wanted to be a journalist.