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Citigroup Vows to Try Again as Some Lenders Fail Fed Test

Citigroup Inc., the lender that took the most government aid during the financial crisis, will seek approval for a “meaningful” payout to shareholders after failing to meet minimum standards in U.S. stress tests.

“We still believe that our company has the capacity to return more capital to shareholders,” Chief Executive Officer Vikram Pandit said in an internal memorandum obtained by Bloomberg News. “We will work with the Federal Reserve to formulate a plan that returns meaningful capital while satisfying our regulators.”