Citigroup yesterday unveiled plans to raise up to $19.6bn and return $20bn to US taxpayers in a move that will free the bank from heightened government supervision but could inflict further pain on its shareholders.
The decision, after months of tense talks with regulators, is a milestone for Citi, which was repeatedly bailed out during the financial crisis and was one of the last banks still subject to tough government restrictions on pay and operations.
The equity offering, which could be the largest ever by a US bank, will be a test of investors' faith in Citi's ability to compete with healthier rivals without government support.
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