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re buyback from $1.2bn to $6.4bn in 2014 and raise its quarterly dividend from 1 cent to 5 cents a share. But that was rejected by the Fed on a “qualitative” basis after the central bank found inadequacies in Citi’s controls as well as its ability to project revenue and losses in a crisis.

The pay of Mr Corbat and other senior Citi executives is linked to a target on relative total shareholder return that requires it to beat one in four banks from a self-determined list of eight bank rivals. So far, the bank is at the bottom of its US bank rivals but has returned more than its three European peers, according to Bloomberg data.

“Theoretically they’ll still have all that excess capital, but practically it’s going to be tough to do a complete catch up,” said Mike Mayo, analyst at CLSA. Mr Mayo lowered his 2015 estimate of the bank’s return on tangible common equity from 10 per cent to 9 per cent.

On Thursday, Citi called on Gene McQuade, outgoing chief executive of Citibank NA, to take over the bank’s capital plans and stress test process, according to an internal memo.

Mr McQuade, who is postponing retirement, will become vice chairman of the bank and report to Mr Corbat directly.

The process had previously been overseen by the chief financial officer John Gerspach, and Brian Leach, head of franchise risk and strategy, prompting analyst calls for them to be held accountable.

Mr Corbat wrote in the memo: “Gene is fully empowered to do whatever is necessary, and I will devote any resource required, to ensure our next capital plan is not objected to.”

He added: “Whatever the gaps between the Fed’s expectations and our performance, we need to close them.”

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