Fed rejects Citi's dividend plans

HSBC, RBS, Santader and Zions must also seek written permission before distributing dividends

Citigroup Center in New York

The Federal Reserve yesterday said it had rejected the capital plans of five banks participating in its annual stress tests, including Citigroup, limiting their ability to pay out dividends and buy back shares in 2014.

The Fed rejected the capital plans of Citi and Zions Bancorp, as well as the US arms of HSBC, Santander and the Royal Bank of Scotland (RBS), due to "qualitative concerns". This means these institutions must now receive written approval from the Fed before they can distribute

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