The entire financial sector was under pressure on Wednesday after the latest negative news from S&P Global Ratings.
U.S. banks and regional banks fell across the board on Tuesday, after S&P Global Ratings downgraded five smaller players after a review of risk related to funding, liquidity and asset quality with a focus on office commercial real estate.
And Moody’s Investors Service just two weeks ago upset investors when it downgraded some lenders and said it was reviewing ratings on bigger banks, including Bank of New York Mellon BK, -1.27%, State Street STT, -1.36% and Northern Trust NTRS, -1.19%. Individual bank names are also performing poorly, with Goldman Sachs Group Inc. GS, -1.05% and Citigroup Inc. C, -1.42% down for 10 of the past 11 days and Charles Schwab Corp. SCHW, -4.48% down 11 straight days.
“We reviewed these 10 banks because we identified them as having potential risks in multiple areas that could make them less resilient than similarly rated peers ,” S&P said in a statement. The sector has been skittish this year following the collapse of Silicon Valley Bank and other lenders that led to a run on deposits at a number of regional lenders.
S&P is expecting FDIC-backed banks in aggregate to earn a relatively healthy ROE of about 11% in 2023.
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