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Citigroup to repay $20bn bailout Citigroup to repay $20bn bail-out
(21 minutes later)
Citigroup says it will repay $20bn of US bailout funding. The move marks its exit from the US government's Troubled Asset Relief Program (TARP). Citigroup says it will repay $20bn of US bail-out funding. The move marks its exit from the US government's Troubled Asset Relief Program (TARP).
Citigroup is the last of the big US banks to leave the support mechanism. It will issue $17bn in new shares to help finance the move.
Theoretically, it means it can now avoid pay restrictions on its top 100 employees.Theoretically, it means it can now avoid pay restrictions on its top 100 employees.
Avoiding pay restrictions could help the bank attract and retain employees, who in turn could help bring the long-ailing bank back to full health.
The bank said it owed American taxpayers "a debt of gratitude".The bank said it owed American taxpayers "a debt of gratitude".
Citigroup received $45bn in government support but only has to pay back $20bn as the US government converted the rest into a stake in the company. It owns 34% of the bank.
The government says it plans to sell these shares within the next year.
Many banks have moved quickly to repay the bailout money because it came with restrictions like caps on executive pay and dividends.