21 Jun '12, 11pm

15 banking titans including Credit Suisse, Goldman Sachs and HSBC slapped with Moody's downgrade

15 banking titans including Credit Suisse, Goldman Sachs and HSBC slapped with Moody's downgrade

The health of 15 of the world's largest financial institutions was called into serious question on Thursday, as Moody's downgraded their credit ratings, citing exposure to losses and Europe's economic woes. -- PHOTO: REUTERS WASHINGTON (AFP) - The health of 15 of the world's largest financial institutions was called into serious question on Thursday, as Moody's downgraded their credit ratings, citing exposure to losses and Europe's economic woes. The 15 banks downgraded were: Bank of America, Barclays, Citigroup, Credit Suisse, Goldman Sachs, HSBC, JPMorgan Chase, Morgan Stanley, Royal Bank of Scotland, BNP Paribas, Credit Agricole, Deutsche Bank, Royal Bank of Canada, Societe Generale and UBS. The banks saw their ratings slashed, spelling increased scrutiny from markets and potentially higher borrowing costs. Moody's said, in essence, that the banks' business risked massi...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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