Citigroup pares earlier gains
Shares of Citigroup
Citigroup said in a regulatory filing it was proposing an exchange offer of preferred shares that would substantially increase the U.S. government's ownership in the bank.
As part of the plan, Citigroup would conduct a reverse stock split, reducing its share count and boosting its share price.
(Reporting by Ellis Mnyandu; Editing by Kenneth Barry)
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