WASHINGTON — The Federal Reserve Board denied Citigroup Inc.'s capital plan on Wednesday, saying it had failed to make sufficient improvements to a number of deficiencies in its capital planning processes.

Citi was one of five firms to have its capital plan rejected by the central bank as part of the Fed's annual stress test exercise known as the Comprehensive Capital Analysis Review, or CCAR. Four banks — HSBC North America, RBS Citizens Financial, Santander and Citi — were rejected for "qualitative" reasons, while Zions Bancorp. failed to meet the Fed's minimum Tier 1 common capital ratio under a hypothetical severely adverse economic scenario.

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