S&P Goes On Banking Downgrade Crusade

Standard & Poor’s has taken their credit downgrade from the United States government to the banks that led to the countries downgrade.

The agency announced on Tuesday that 37 banks around the world would be downgraded. In the US the countries largest banks are among those in trouble with Standards & Poor including Bank of America and it’s main subsidiaries which include CitiGroup, Goldman Sachs, Chase, Morgan Stanley, Wells Fargo and JPMorgan.

Outside of the United States banks downgraded include some of the biggest banking brands in the UK:

Barclays, HSBC Holdings, Lloyds Banking Group, and The Royal Bank of Scotland.

While several European banks have not been downgraded including Credit Suisse, Deutsche Bank, and Societe Generale.

According to the agency their decision comes from a shift in the worldwide financial industry and macroeconomic trends. The team at S&P says their decision includes the role of governments and central banks involved in industry funding.

Do you think the banks listed above deserved to be downgraded?

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