Citi shares drop after Tarp repayment announcement


Citigroup shares dropped sharply yesterday following the bank’s announcement that it shortly intends to exit the US Treasury’s Troubled Assets Relief Program (Tarp) by repaying $20 billion in taxpayer funds.

In an internal email, Citigroup chief executive Vikram Pandit detailed the bank's plans to arrange “a series of transactions to repay the $20 billion of Tarp outstanding and terminate the asset guarantee we received from the US government”.

Equity markets reacted negatively to the

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