Citigroup stock is soaring Wednesday after the big bank topped earnings expectations and unveiled a massive stock buyback program. Here's why that's important.

Citigroup said its board of directors authorized a new multiyear $20 billion stock buyback program that will begin in the first quarter of 2025, helping to trigger a surge in the share price. CFO Mark Mason said the planned buyback reflects confidence in the bank’s strategy.

CNBC's Leslie Picker joins 'Squawk Box' to report on the company's quarterly earnings results. Here's the science behind the Los Angeles wildfires Mayim Bialik reunites on screen with ‘Big Bang Theory’ co-star Melissa Rauch on ‘Night Court’ You stay,

Citigroup (C) reported fourth-quarter results that exceeded expectations, sending shares higher in pre-market trading Wednesday. Citi's net income for the fourth quarter was $2.86 billion, up from a loss of $1.