Citi reinstates quarterly dividend

City A.M. Reporter
Citigroup has declared its first dividend in more than two years, announcing that it will pay investors one cent per share on June 17.

The third-biggest US bank, which needed $45bn (£27.6bn) in US government bailouts to survive the financial crisis, said in March it planned to reinstate a one-cent quarterly dividend, after shrinking its number of shares outstanding with a one-for-ten reverse stock split.

The split took effect on Monday, shrinking Citigroup's share count to about 2.9 billion from 29 billion.

The bank's shares are down 36 cents to $42.06 today.