NEW YORK - Citigroup said Monday it is repaying $20 billion in public bailout money, freeing the banking giant from the close scrutiny and pay restrictions that came with the rescue program. The government will also sell its stake in the company.
By approving the repayment, the government is saying Citi is on strong enough financial footing to stand on its own. It's a far cry from the situation at the beginning of the year, when some analysts were saying Citi could fail completely and be taken over by the government.
The news comes just days after Bank of America Corp. said it would repay the $45 billion in bailout money it had received. San Francisco-based Wells Fargo & Co. is now the last national bank that has yet to pay back its bailout money. Most other major commercial and investment banks including JPMorgan Chase & Co., Morgan Stanley and Goldman Sachs have already repaid the government.