S&P may cut credit grades of biggest US banks

Seattle

JPMORGAN Chase & Co, Bank of America Corp and Citigroup Inc are among eight large US banks that may have credit grades cut by Standard & Poor's on the prospect that the US government is less likely to provide aid in a crisis.

The companies - along with Wells Fargo & Co, Goldman Sachs Group Inc, Morgan Stanley, Bank of New York Mellon Corp and State Street Corp - had senior unsecured and nondeferrable subordinated debt ratings placed on negative credit watch, S&P said on Monday in a statement. S&P said it expects to resolve the credit reviews by early December.