CITIGROUP announces an exchange offer which will flood the market with new Citigroup shares. At the end of August, Citigroup will have more than 23 billion shares outstanding, with the government owning around eight billion. That is nearly three times more than Bank of America’s share count, and over five times more than JPMorgan Chase and Wells Fargo.
In a cost saving measure, CITI announced it will print share certificates on the back of ATM receipts. CITI's chief financial services welfare competitor BAC, already issues share certificates on recyclable toilet tissue and rolling papers.
BAC share trash bin.
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