Four big banks get six months more to revise plans

A general view of the Citigroup office in Canary Wharf in London, England. (File) (Oli Scarff, Getty Images)
A general view of the Citigroup office in Canary Wharf in London, England. (File) (Oli Scarff, Getty Images)
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Updated: 6/24 6:12 pm

WASHINGTON (AP) — Citigroup Inc. and three other big U.S. banks are getting another six months to amend their capital plans -- changes required after they fell short in the Federal Reserve's annual "stress tests."

The Fed announced Tuesday it is extending to Jan. 5 the deadline for the third-largest U.S. bank and the U.S. divisions of Britain's HSBC and Royal Bank of Scotland, as well as Spain's Banco Santander.

The original deadline was Thursday.

In the March stress tests, the Fed ruled that the banks' capital plans were inadequate. That prevented them from raising their dividends or boosting their stock buybacks.

Citibank has been cutting jobs and trimming some businesses in an effort to improve its finances.

©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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