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Tuesday, June 24, 2014

Fed grants four banks more time to submit capital plans, (NYSE: C)

The U.S. Federal Reserve on Tuesday gave four banks more time to resubmit capital distribution plans it had earlier objected to, saying this would give the firms more time to address capital planning weaknesses.The four banks, which had asked for the extension, are Citigroup Inc, HSBC North America Holdings, Inc., RBS Citizens, Inc and Santander Holdings USA, Inc. .The banks were originally scheduled to submit their plans by June 26, but now have until Jan. 5, 2015.The firms will not be able to increase their capital distributions to shareholders, such as dividends and share buy-backs, until the new plans are approved.

Citigroup Inc. (Citigroup) is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management. Shares of C traded higher by 0.62% or $0.3/share to $48.36. In the past year, the shares have traded as low as $45.06 and as high as $55.28. On average, 21224300 shares of C exchange hands on a given day and today's volume is recorded at 6949116.