The Federal Reserve changed its annual set of tests for the 30 largest U.S. banks to incorporate the risk of a deeper slump in Asia, where Citigroup Inc. (C) has a bigger presence than competitors.

Recessions in the euro area, the U.K. and Japan are features of the Fed's "severely adverse" scenario in the new test. The main difference from last year is a more substantial slowdown in Asia, including "a sizable weakening of economic activity in China," the Fed said yesterday in a statement.

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