Covering The Nation

Jul 15, 2012 3:26 PM

Citigroup CEO Aims To Restore Dividend By 2013

NEW YORK (AP) - Citigroup Inc. is aiming to hike its dividend for the first time since the 2008 financial crisis.

The bank's CEO Vikram Pandit expects to start discussing returning some cash to investors by the end of the year, he told the U.K.'s Sunday Telegraph in a rare interview.

Citi did not ask the Federal Reserve for permission to raise the dividend last month, when it submitted its latest capital plan. Pandit had previously promised shareholders a higher dividend. The bank currently pays a token amount of 1 cent per share every quarter.

Citigroup nearly collapsed during the financial crisis and was rescued by $45 billion in bailout money from the government in late 2008.

The bank is slated to post its second-quarter results before the market opens on Monday.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


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