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Citi reinstates quarterly dividend
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.