Citigroup plans $18.9 billion capital payout over next four quarters

(Reuters) - Citigroup Inc said it plans to repurchase up to $15.6 billion of common stock over the next 12 months and double its quarterly dividend to 32 cents per share, bringing total payouts to $18.9 billion.

Citigroup, the fourth-biggest U.S. bank by assets, announced its intentions after the U.S. Federal Reserve said on Wednesday that it would permit the company to go forward with the capital plan it had submitted for stress testing.

(Reporting by David Henry in New York; Editing by Leslie Adler)