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Moody’s downgrades two French banks

Credit ratings agency Moody’s has downgraded two French banks due to their exposure to Greek debt.

Credit Agricole was cut from Aa1 to Aa2 and Societe Generale from Aa2 to Aa3.

BNP Paribas has also been kept on review with a possible downgrade not being ruled out.

There are widespread fears of an imminent debt default by Greece with a number of political leaders meeting today to discuss the crisis.

A further one-notch downgrade has not been ruled out for the trio as Moody’s has said it was also planning to extend its review of all three banks “to consider the implications of the persistent fragility in the bank financing markets, given the banks’ continued reliance on wholesale funding”.


RCM’s White joins BlackRock as head of investment trusts

RCM’s head of investment trusts Simon White has joined BlackRock in the same position, after more than two decades with the company. At BlackRock, White will be responsible for the business management and development of BlackRock’s range of investment trusts. White joins after a 26-year career at RCM, and was appointed head of investment trusts […]

Economic gloom depresses August house sales

Uncertainty surrounding the economy depressed the level of property sales in August, according to the latest UK housing market survey from the Royal Institution of Chartered Surveyors. The number of sales per surveyor over the three months to August dipped slightly to an average of 14, taking transactions back to June 2009 levels. Meanwhile, average […]


Axa Wealth: Public needs more help to understand RDR

Axa Wealth chief executive Mike Kellard has warned that not enough is being done to make consumers aware of how financial advice will change after the RDR. Speaking to Money Marketing, Kellard compared the current lack of consumer publicity around the RDR with the lack of information about polarisation when it was introduced in 1986. […]


MPs raise concerns over DWP cuts

The public accounts committee has raised concerns over the Department for Work and Pensions plan to cut running costs by £2.7bn by March 2015. The Spending Review Settlement requires the DWP to reduce running costs by £1.45bn to £6.2bn in 2011-2012 and by £2.7bn to £5.5bn by March 2015. The DWP has outlined a series […]


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