NEW YORK (CNNMoney) - Some of the world's biggest banks were downgraded Thursday by rating agency Moody's, which cited concerns about the stability of the global financial system.
Moody's cut the ratings of 15 financial institutions after U.S. markets closed Thursday, including giants like Bank of America, Goldman Sachs and JPMorgan.
"All of the banks affected by today's actions have significant exposure to the volatility and risk of outsized losses inherent to capital markets activities," Moody's Global Banking Managing Director Greg Bauer said in a statement.
Moody's review of the banks, announced in February, was prompted by a "reassessment of the volatility and risks that creditors of firms with global capital markets operations face." Among the risks Moody's cited were "more fragile funding conditions, wider credit spreads, increased regulatory burdens and more difficult operating conditions."
This morning on "Early Start," Christine Romans explains what this means for an already fragile global economy.
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