Citigroup Approves Plan to Buy Back $1.75 Billion in Stock

(AP Photo/Mark Lennihan, File)
(AP Photo/Mark Lennihan, File)

Citigroup said Monday that it approved a plan to spend up to $1.75 billion to buy back its own stock.

The amount is on top of an already approved plan to buy up to $8.6 billion in its stock.

Buying back stock can help support the company’s share price and earnings per share.

Citigroup Inc. said the additional buybacks will further reduce the amount of shares it has outstanding. In the past years, the banking giant said it has lowered the amount of shares it has outstanding by 6 percent, or 180 million.

Shares of the New York bank dropped 4 cents to $55.42 in trading Monday afternoon.