Citibank 2015 Annual Report Download - page 325

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UNREGISTERED SALES OF EQUITY, PURCHASES
OF EQUITY SECURITIES, DIVIDENDS
Unregistered Sales of Equity Securities
None.
Equity Security Repurchases
The following table summarizes Citi’s equity security repurchases, which
consisted entirely of common stock repurchases, during the three months
ended December 31, 2015:
In millions, except per share amounts
Total shares
purchased
Average
price paid
per share
Approximate dollar
value of shares that
may yet be purchased
under the plan or
programs
October 2015
Open market repurchases (1) 8.7 $51.35 $3,836
Employee transactions (2) — — N/A
November 2015
Open market repurchases (1) 8.1 53.84 3,399
Employee transactions (2) — — N/A
December 2015
Open market repurchases (1) 14.6 52.48 2,634
Employee transactions (2) — — N/A
Amounts as of December 31, 2015 31.4 $52.52 $2,634
(1) Represents repurchases under the $7.8 billion 2015 common stock repurchase program (2015 Repurchase Program) that was approved by Citigroup’s Board of Directors and announced on March 11, 2015,
which was part of the planned capital actions included by Citi in its 2015 Comprehensive Capital Analysis and Review (CCAR). The 2015 Repurchase Program extends through the second quarter of 2016. Shares
repurchased under the 2015 Repurchase Program are treasury stock.
(2) Consisted of shares added to treasury stock related to (i) certain activity on employee stock option program exercises where the employee delivers existing shares to cover the option exercise, or (ii) under Citi’s
employee restricted or deferred stock programs where shares are withheld to satisfy tax requirements.
N/A Not applicable
Dividends
In addition to Board of Directors’ approval, Citi’s ability to pay common
stock dividends substantially depends on regulatory approval, including
an annual regulatory review of the results of the CCAR process required by
the Federal Reserve Board and the supervisory stress tests required under
the Dodd-Frank Act. See “Risk Factors—Regulatory Risks” above. For
information on the ability of Citigroup’s subsidiary depository institutions
and non-bank subsidiaries to pay dividends, see Note 19 to the Consolidated
Financial Statements. Any dividend on Citi’s outstanding common stock
would also need to be made in compliance with Citi’s obligations to its
outstanding preferred stock.