Moody’s Investors Service dealt a fresh blow to the financial sector, downgrading more than a dozen global banks to reflect declining profitability in an industry being rocked by soft economic growth, tougher regulations and nervous investors. The move hit five of the six biggest U.S. banks by assets, including Morgan Stanley, which had mounted a campaign to persuade Moody’s not to cut its rating by three notches. It was downgraded instead by two.
…it also cut the ratings of giant European banks with substantial trading operations, including Deutsche Bank AG, Barclays PLC and HSBC Holdings PLC.
via Moody’s Downgrades Morgan Stanley, Other Banks – WSJ.com.