Bloomberg reports that Citigroup has failed the Fed’s new round of stress tests:
Citigroup Inc.’s capital plan was among five that failed Federal Reserve stress tests, while Goldman Sachs Group Inc. and Bank of America Corp. passed only after reducing their requests for buybacks and dividends.
Citigroup, as well as U.S. units of Royal Bank of Scotland Group Plc, HSBC Holdings Plc and Banco Santander SA, failed because of qualitative concerns about their processes, the Fed said today in astatement. Zions Bancorporation was rejected as its capital fell below the minimum required. The central bank approved plans for 25 banks.
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