On Sept. 6, Citigroup acquired Dallas-based First Capital. The transaction, valued at $31.1 billion, has given the bank a strong holding in private label and subprime cards. The deal also signals a shift in the bank's positioning in the U.S. card market. Citi's acquisition of Associates private-label card receivables has pushed the bank into the top tier of U.S. private-label issuers. As a result of the acquisition, Citi's chairman and chief executive announced that the bank would take a restructuring charge of between $600 million and $700 million. Over the next two years, however, the charge will be offset by at least $600 million in cost savings.