Citigroup to add up to $1.75 billion to share buyback program

Citigroup Inc. C, -0.23% said Monday it is increasing its share buyback program by up to $1.75 billion, boosting its overall capital action plan to $12.2 billion. The bank already has a stock buyback authorization of $8.6 billion and is increasing its quarterly dividend to 16 cents per share. In the last two years, Citi has reduced its outstanding common shares by 180 million or 6%. Shares were trading up 0.9% premarket, and are up 7.2% in the year to date, while the S&P 500 SPX, +0.57% has gained 6.7%.