Patrick Jenkins is joined by Martin Arnold for the fallout from US stress tests, where CitiGroup failed qualitative elements of the tests, putting CEO Michael Corbat under increased pressure. Six foreign-owned US banks also failed some elements, including Santander, HSBC and RBS. Sam Fleming has news of the Financial Conduct Authority, which has come in for criticism after comments about life insurers saw shares for some firms fall 20 per cent before a hasty clarification settled the markets. Simon Gleeson, a partner at Clifford Chance, joins on the line to add his thoughts on an increasingly hands-on FCA. Finally, Sam and Martin weigh in on personnel movements at UK state-owned banks, with Lloyds chairman Sir Win Bischoff stepping down and Ewen Stevenson taking over as finance chief at RBS

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