Citigroup Inc. announced plans to seek shareholder approval to both increase the number of shares outstanding and undertake reverse stock split as part of the company's effort to exchange common stock for preferred securities.

The embattled financial-services giant said last month it would offer to convert as much as $27.5 billion in preferred stock not held by the federal governemnt to common stock, with the U.S. agreeing to match up to $25 billion of the conversions in the latest effort to keep the banking giant afloat.

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