Stocks tumble as Moody’s warns it could cut credit ratings of 6 big US banks

CNN —

Moody’s has put the credit ratings of six large US banks, including Bank of New York Mellon, State Street and Northern Trust, under review for a possible downgrade, sending stocks tumbling as investors worried about more banking sector pain ahead.

The credit ratings agency said late Monday that its warning on the three banks reflected “ongoing strain” in the US banking sector, including increased pressures on funding and potential “weaknesses” in the amount of capital lenders are required to hold.A lower credit rating could push funding costs for those banks even higher.US stocks sank on the news, with the […]

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