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Citibank, 2 Others Fail Fed Stress Test

Last updated on Thursday, March 15, 2012

(WASHINGTON D.C.) - The Federal Reserve says three major banks failed to show they have enough capital to survive another serious economic downturn.

The Associated Press says the list includes Citigroup, the nation's third-largest bank. SunTrust and Ally Financial also failed the test.

The Fed says 16 of 19 major banks passed the stress test. The Fed noted that all of the banks have built up their capital reserves since the 2008 financial crisis.

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