Moody's downgrades 15 major banks - Bank of America, Citigroup, Goldman Sachs and JP Morgan includedQuicklink submitted By Amanda Lang Permalink
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|The credit ratings agency Moody's has downgraded 15 banks and financial institutions.
UK banks downgraded include Royal Bank of Scotland, Barclays and HSBC.
In the US, Bank of America, Citigroup, Goldman Sachs and JP Morgan are among those marked down.
BBC business editor Robert Peston reported on Tuesday that the downgrades were coming and said that banks were concerned as it may make it harder for them to borrow money commercially.
"All of the banks affected by today's actions have significant exposure to the volatility and risk of outsized losses inherent to capital markets activities," Moody's global banking managing director Greg Bauer said in the agency's statement. The other institutions that have been downgraded are Credit Suisse, UBS, BNP Paribas, Credit Agricole, Societe Generale, Deutsche Bank, Royal Bank of Canada and Morgan Stanley.