The banking sector has received another blow to its already fragile confidence as Standard & Poor’s has lowered its credit ratings on a number of institutions, including amongst others, Barclays, HSBC and RBS.
This reflects the significant pressure on these large complex financial institutions’ future performance due to increasing bank industry risk and the deepening global economic slowdown. However, the recent government action/intervention may help to balance this pressure.
As always, make sure you diversify your savings across a number of banking institutions. For updated independent recommendations please email me direct on firstname.lastname@example.org