Citi Shares Rise to Highest Since 2008 on Stock Buyback Plan

Citigroup Inc. shares rose to the highest level since 2008 after the bank said it would ramp up stock buybacks following a strong result in regulatory stress tests.

The company plans to repurchase at least $4 billion of shares this quarter, Chief Financial Officer Mark Mason said Tuesday on a call with analysts. That’s more than the $3.75 billion the firm bought back in the entire first half of the year, and the plans helped push the stock past $90 for the first time since the financial crisis.