Citigroup initiated a major transformation plan in 2024 in an effort to unlock value and drive higher returns. Management backed that initiative up by announcing a new $20 billion stock buyback program.

Citigroup said its board of directors authorized a new multiyear $20 billion stock buyback program that will begin in the first quarter of 2025, helping to trigger a surge in the share price. CFO Mark Mason said the planned buyback reflects confidence in the bank’s strategy.

Citigroup shares rose more than 6% on Wednesday after the bank topped Wall Street estimates for fourth-quarter profit on strong results across segments. The New York-based lender reported adjusted earnings of $1.

Hello and welcome to Citi's fourth quarter 2024 earnings call. Today's call will be hosted by Jenn Landis, head of Citi investor relations. [Operator instructions] Also, as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time.