Downgrades for 15 major banks

21/06/2012

By Daniel Hunter

Moody's, the credit ratings agency, has confirmed the downgrading of 15 global banks and financial institutions, including banks in the UK.

The Royal Bank of Scotland, Barclays and HSBC were the UK banks to be downgraded, with Lloyds also having its rating cut by Moody's in a separate announcement.

Banks affected in America were the Bank of America and Citigroup, with the other institutions that have been downgraded consisting of Goldman Sachs, Morgan Stanley, JP Morgan Chase, Credit Suisse, UBS, BNP Paribas, Credit Agricole, Societe Generale, Deutsche Bank and Royal Bank of Canada.

Moody's global banking managing director Greg Bauer highlighted the banks' exposure to volatility in the world's financial markets as the reason for the downgrade.

Join us on
Follow @freshbusiness

 

 

•  Read latest news
  • - A website is the number one tool for small business growth »
  • - Is hot-desking the future for small business? »
  • - University students complain about lack of value for money »
•  Watch exclusive videos
  • - Great British Entrepreneur Awards »
  • - Brighton SEO conference »
  • - Brighton SEO, Fili Wiese, Alfredo Pulvirenti, Jonas Weber »
•  Email this to a friend
•  Print this news