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Stocks continued to fall in the wake of the Federal Reserve's September meeting earlier this week.
Citigroup is dramatically scaling back the amount it lends to asset managers, including private equity firms, as the US bank races to meet tough new capital rules, according to people familiar with the matter. The type of lending that Citi is backing away from is known as subscription-line financing, a niche but important business for Wall Street banks that want to develop deep ties with dealmaking clients, especially private equity groups. Citi’s existing book totals roughly $65bn and the bank is preparing to slash that to about $20bn in the coming months, one of the people said.