US operations of Deutsche Bank failed a regulatory stress test by the Federal Reserve, which cited “material weaknesses in capital planning” at the German lender.

The results released Thursday were part two of the Fed’s annual exams, which told the biggest US banks, and foreign lenders with big US operations, whether the regulator approves of their plans to boost share buybacks or pay dividends to shareholders. Deutsche Bank was the only bank subject to the second-round Fed test that failed outright.