Citigroup Up 3% On Reverse Split, Dividend News (C)

Citigroup Inc. C shares are called higher in pre-market trading after the company announced it would do a 1 for 10 reverse split of its shares, and it also announced it would initiate a 1 cent per share dividend next quarter. After the reverse stock split, Citigroup will now have 2.9 billion shares outstanding. "Citi is a fundamentally different company than it was three years ago," Chief Executive Vikram Pandit said in a prepared statement. "The reverse stock split and intention to reinstate a dividend are important steps as we anticipate returning capital to shareholders starting next year." Shares are up 12 cents in pre-market trading to $4.62.