Bank Stocks Tumble as Moody’s Downgrades Raise the Alarm

https://www.marketwatch.com/articles/moodys-banks-downgrade-us-bancorp-state-street-stock-price-35151fd4?mod=mw_latestnews

An excerpt below …

[[[[[ Moody’s Investors Service put a handful of major U.S. banks on review for downgrade and lowered its ratings on the debt of several midsize and smaller lenders, causing bank stocks to slump.The ratings firm cited potential problems similar to those that forced the collapse of Silicon Valley Bank and Signature Bank in March this year such as higher interest rates, falling asset prices, and a weakening commercial real estate market.Earnings from many banks in the second quarter “showed growing profitability pressures that will reduce their ability to generate internal capital,” Moody’s said. A “mild recession looms and asset quality looks set to decline.” ]]]]]

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