NEW YORK (Reuters) - Citigroup Inc
The bank is not planning to ask to increase its quarterly dividend, which is currently a penny a share, the newspaper reported, citing people familiar with the company's plans.
Citigroup Chairman Michael O'Neill and newly installed CEO Michael Corbat have told company executives that the capital plan the company submits to the Federal Reserve must be so conservative that it will not be rejected, the Journal said.
Big banks are due to submit their capital plans to the Fed on Monday.
Another bank, JPMorgan Chase & Co
In November, JPMorgan won approval from the Fed to resume previously approved buybacks it had suspended in May after a multi-billion dollar loss surfaced on derivatives transactions in its London office. JPMorgan's operations have generated more than enough capital to cover those losses.
The Journal reported that Morgan Stanley
Citigroup's last annual plan was rejected by the Fed in March after former CEO Vikram Pandit led analysts and investors to believe the company would be allowed to spend a few billion dollars on share buybacks and additional dividends. The rejection became a major embarrassment for the bank and contributed to the board's decision to replace Pandit.
(Reporting by David Henry in New York; Editing by Gary Hill and Paul Tait)
Source: http://news.yahoo.com/citigroup-seek-permission-buy-back-shares-wsj-045716823--sector.html
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