Banking, finance, and taxes
Posted Without Comment: S&P Cuts Every Bank In The Universe
Published:
Last Updated:
According to MarketWatch, "Standard & Poor’s cut the credit rating or outlook of 12 major U.S. and European financial institutions Friday, saying the move reflected its view of the significant pressure on large, complex financial institutions’ future performance as the global economy slows further. S&P added it is raising its overall assessment of bank industry risk and said it believes there will be more volatility in funding markets. The parent firm or banking subsidiaries of Bank of America (BAC), Barclays (BCS), Citigroup (C), Credit Suisee (CS), Duetsche Bank (DB), Goldman Sachs (GS), JPMorgan Chase (JPM), Morgan Stanley (MS), Royal Bank of Scotland (RBS), UBS (UBS), and Wells Fargo (WFC).were all downgraded one or two notches while HSBC (HBC) has its outlook cut to negative, but its credit rating unchanged."
Douglas A. McIntyre
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
