The credit rating agency Moody's slashed the ratings of 15 of the world's biggest financial institutions, including Citigroup and Bank of America here in the U.S. and Barclays and Credit Suisse in Europe.
After U.S. markets closed yesterday, the rating agency Moody's delivered more bad news — this time to 15 of the world's largest banks, including the biggest American banks. The fine print of the downgrade hints at more bank bailouts down the road.
Global markets are down about a percent this morning after the rating agency Moody's downgraded the credit ratings of 15 of the largest banks in the world. Among them, European institutions — but also big American banks like JP Morgan Chase and Bank of America.
If yesterday was all about Greece, today belongs to Spain. Concern about Spanish banks has pushed the government's borrowing costs over 7 percent. That's a level that pushed other smaller European countries — like Greece — over the edge.
This week, Bank of America became the latest bank to make a sustainability pledge. The New York Times suggests this a way for Wall Street to restore its image. But, instead, could it just be a savvy investment strategy?
The CEO of JPMorgan has been summoned to Capitol Hill today. According to his prepared remarks, Dimon will apologize, saying he feels "terrible" about the $2 billion blunder.
After the financial crisis of 2008, regulators focused on the idea of disclosure to prevent further problems in the financial industry. But what happens when the bank itself doesn't know how bad things are?
Europeans are withdrawing extra money from their bank accounts in case the continent's financial crisis deepens and the single currency system falls apart.
