Authors: Christine Hsu
(NEW YORK) -- Moody’s Investors Service just downgraded five of the biggest American banks, including Goldman Sachs, Bank of America, Citigroup, JPMorgan and Morgan Stanley.
As The New York Times writes, a downgrade like this could have “serious implications for a bank’s bottom line, potentially increasing the cost of borrowing and eroding the confidence of customers and lenders. Trading partners may opt to move their business elsewhere."
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