Financial Times FT.com

US banks to repay rescue funds

By Francesco Guerrera in New York

Published: December 14 2009 12:23 | Last updated: December 15 2009 00:29

Citigroup and Wells Fargo on Monday unveiled plans to sell a total of up to $30bn in stock and return a combined $45bn to US taxpayers in a move that will free them from heightened government supervision but could hit shareholders.

Citi said it would raise up to $19.6bn and return $20bn in funds from the troubled asset relief programme while Wells unveiled a $10.4bn share offering to repay a $25bn Tarp investment.

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