Citi Announces 1-for-10 Reverse Stock Split

Banking giant Citigroup C announced plans Monday to conduct a 1-for-10 reverse stock split and resume paying a quarterly dividend. The reverse stock split will slash the number of Citi's outstanding shares to 2.9 billion from about 29 billion. Citi, which recently finished repaying its $45 billion taxpayer-funded bailout from the financial crisis, said it anticipates the reverse stock split taking effect after the close of trading on May 6. Continue reading the article.