Banking, finance, and taxes
US Treasury Dumping Citigroup Shares, Says Sale Will Be Orderly
Published:
The US Treasury, bound and determined to get bank every dime it loaned the banking industry during the credit crisis, will sell more Citigroup (NYSE: C) shares. The bank’s stock actually rose 1% on the news.
It “announced the sale of approximately 1.1 billion shares of Citigroup common stock pursuant to the completion of its second trading plan with Morgan Stanley as sales agent. To date, Treasury has sold a total of approximately 2.6 billion shares of Citigroup common stock at an average price per share of $4.03, and has received total gross proceeds of approximately $10.5 billion from the sale.”Treasury added that it “currently owns approximately 5.1 billion shares of Citigroup common stock and expects to continue selling its shares in the market in an orderly fashion once the blackout period set by Citigroup related to its second quarter earnings release ends.”
Douglas A. McIntyre
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
