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Fed Kills Citi Plan to Pay Investors
The Wall Street Journal (online registration required): WASHINGTON—Citigroup Inc. failed to get Federal Reserve approval to reward investors with higher dividends and stock buybacks, a surprising blow to Chief Executive Michael Corbat's effort to bolster the bank's reputation following a 2008 government rescue.
The Fed rejected capital plans from five large banks and approved 25 as part of its annual "stress tests" measuring a firm's ability to continue lending during a severe...
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