S&P slashes top US banks’ rating

Standard & Poor’s (S&P) Ratings Services said on Tuesday it has slashed top US banks’ ratings as part of a process of “applying its new ratings criteria for banks”.

Standard & Poor’s (S&P) Ratings Services said on Tuesday it has slashed top US banks’ ratings as part of a process of “applying its new ratings criteria for banks”.

The ratings agency said it had adjusted ratings on 37 of the world’s largest financial institutions, including major US banks like Bank of America, Citigroup, Goldman Sachs, Wells Fargo, JPMorgan Chase and Morgan Stanley.

The changes reflected the agency's new criteria for banks, which assessed risk associated with investment banking, how banks are funded and the role of governments and central banks in industry funding.

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