It also downgraded the long-term deposit ratings of BofA, JPMorgan and Wells Fargo to Aa2 from Aa1 and cut the long-term counterparty risk ratings of certain rated subsidiaries and branches of BNY and State Street to Aa2 from Aa1. The sovereign credit rating cut on Friday sent ripples through global markets and came on a day when U.S. President Donald Trump's tax bill failed to clear a key procedural hurdle, as hardline Republicans sought deeper spending cuts. It won approval from a key congressional committee on Sunday in a rare victory for Trump and House Speaker Mike Johnson.
Patriot National gets serious about private banking
The Connecticut-based community bank announced a raft of new board and executive appointments, giving shape to a new strategy aimed at winning more business from high-net-worth individuals.
American Banker
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1 hour ago
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