In the first reduction for three years, Deutsche Bank has had its rating cut to AA- from AA. Credit Suisse, which owns investment bank CSFB, has seen its long-term rating reduced to A+ from AA-.
The move to reduce the credit ratings of banks may be the first of many as both JP Morgan and Merrill Lynch are currently on the S & P 'negative watch' list.
Deutsche is currently regarded as one of the least efficient banks in Europe and in-coming CEO Josef Ackermann has already announced that he is determined to acheive $1.8bn in cost savings per annum.
Zurich based Credit Suisse has also been struggling with its cost structure.
S & P Cuts Deutsche And Credit Suisse
Bloomberg reports that two of Europe's biggest banks, Deutsche and Credit Suisse, have had their ratings cut by Standard & Poors (S & P) due to concerns that 'sliding financial markets may undermine the companies' efforts to reduce costs.'
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