In a press release unveiled Monday morning, Citigroup and government regulators have reached an agreement for the financial institution to repay $20 billion in federal aid and leave the TARP program.  The company plans to issue $17 billion in common stock and $3.5 billion in what are called Tangible Equity Units, while at the same time the U.S. Treasury will sell $5 billion in Citigroup common stock it had purchased to protect it from toxic assets.

Vikram Pandit, Chief Executive Officer, said on behalf of the entire Citigroup Board of Directors, "The TARP program was designed to provide assistance until banks were in a position to repay it prudently. We are pleased to be able to repay the U.S. government's trust preferred securities and to terminate the loss-sharing agreement. We owe the American taxpayers a debt of gratitude and recognize our obligation to support the economic recovery through lending and assistance to homeowners and other borrowers in need."