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Standard & Poor's lowered the credit ratings and outlooks for 12 major U.S. and European banks Friday, including Goldman Sachs and Bank of America, citing increasing industry risk and a deepening economic slowdown.
"We are raising our overall assessment of bank industry risk and believe there will be more volatility in funding markets," S&P said in a statement.
The major independent investment banks' business model has more risk due to more volatility in the funding markets, their reliance on short-term wholesale funding and confidence sensitivity, the rating agency said in a statement.
"The rating actions on GS also reflect our view that the cyclical downturn in GS's core investment banking, trading, and asset-management businesses could well be far more pronounced and extended than we had previously assumed," Standard & Poor's credit analyst Scott Sprinzen said in a press release.
Major Banks' S&P Ratings |
| Bank | New Rating | Old Rating |
| Bank of America | AA-/Negative/A-1 | AA/Watch Neg/A-1 |
| Barclays Bank | AA-/Negative/A-1 | AA/Watch Neg/A-1 |
| Citibank | A+/Stable/A-1 | AA/Watch Neg/A-1 |
| Credit Suisse | A+/Stable/A-1 | AA-/Watch Neg/A-1 |
| Deutsche Bank | A+/Stable/A-1 | AA-/Negative/A-1 |
| Goldman Sachs | A/Negative/A-1 | AA-/Negative/A-1 |
| HSBC | AA/Negative/A-1 | AA/Stable/A-1 |
| JPMorgan Chase | AA-/Negative/A-1 | AA/Negative/A-1 |
| Morgan Stanley | A/Negative/A-1 | AA-/Negative/A-1 |
| Royal Bank of Scotland | A+/Stable/A-1 | AA-/Stable/A-1 |
| UBS | A+/Stable/A-1 | AA-/Watch Neg/A-1 |
| Wells Fargo | AA+/Negative/A-1 | AAA/Watch Neg/A-1 |
Source: Standard & Poor's |
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Data is a real-time snapshot *Data is delayed at least 15 minutes