Standard & Poor's is adjusting the ratings on 37 of the world's largest financial institutions, and that means downgrades for the biggest banks in the US. Bank of America and its main subsidiaries were among those cut at least one notch today, along with Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo.
S&P says the changes reflect its new ratings criteria for banks, which incorporate shifts in the worldwide financial industry. Top UK downgrades include Barclays, HSBC Holdings, Lloyds Banking Group, and The Royal Bank of Scotland. Ratings for several big European banks, including Credit Suisse, Deutsche Bank, and Societe Generale are unchanged.