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Business: Bad news drew Citi CEO to rush home

Source: The Wall Street Journal

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The phone rang when Michael Corbat was half a world away in South Korea. It was about 6 a.m. Wednesday morning in Seoul, and on the line was a Federal Reserve official, charged with delivering news that left the Citigroup Inc. chief executive in shock and would shake the company's stock soon after: The bank had failed the Fed's closely watched "stress test" and would be denied the chance to raise the amount of cash it returns to shareholders for the foreseeable future.

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