U.S. Bank Downgrades Loom
CNN Money — Downgrade fever has been sweeping across the European banking system, and the major Wall Street banks are likely to be the next to get sick.
Rating agency Moody’s cut ratings for five banking groups in the Netherlands, three in France and one in Luxembourg Friday. Dutch giants ING and ABN Amro were among the banks downgraded.
Next up for the rating agency are banks in the U.K.. as well as 17 major banks with “global capital markets operations.” That includes Wall Street firms Citigroup, JPMorgan Chase, Bank of America, Goldman Sachs and Morgan Stanley.
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