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.

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