Citi Won’t Ask Fed for Stock Buyback in 2012

BY SUZANNE KAPNER

In a sign of the shock waves reverberating through Wall Street due to weakening global growth and large trading losses at a rival, Citigroup Inc. said it won’t seek regulatory permission to repurchase shares this year.

The decision marks an about-face for the New York company, whose executives were taken by surprise in March, when the Federal Reserve rejected a request to buy back as much as $8 billion of stock over three years.

That March setback came as part of the latest round of Fed-supervised “stress tests,” which were designed to determine the capacity of financial firms to keep …

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