15 Global Banks Downgraded UK Big 4

15 Global Banks Downgraded UK Big 4.

Fifteen global banks and financial institutions have been downgraded by Moody's.  The UK banks downgraded were Royal Bank of Scotland, HSBC, Barclays and Lloyds.

According to Moody's global banking managing director Greg Bauer, the reason for the downgrade was due to the banks' exposure to volatility in the world's financial markets.  Moody's added that it was putting some of the banks on a negative outlook, which is a warning that they could be downgraded again in the future.
In the US, Bank of America and Citigroup were among those marked down.  

The other institutions that have been downgraded are Morgan Stanley, Goldman Sachs, JP Morgan Chase, BUS, Credit Suisse, BOP ARIBAs, Credit Agricole, Societe Generale, Deutsche Bank and Royal Bank of Canada.

Of the banks downgraded, 4 were cut by one notch, including HSBC, Royal Bank of Scotland and also Lloyds.  A further 10 banks had their rating reduced by two notches, including Barclays.  However, Credit Suisse was lowered by 3 notches.