The Federal Reserve rejected Citigroup’s capital plan, saying it ‘reflected a number of deficiencies’ in planning practices. Four other financial firms join the No. 3 U.S. bank by assets on the central bank’s rejection list. The group of five will have 90 days to resubmit their plans. Meanwhile, the other 25 big U.S. banks the Fed probed as part of its stress tests received a green light to go ahead with their capital plans.
Here's the full report.