HSBC and Goldmans under fire as S&P downgrades big banks

Standard & Poor's has downgraded a raft of US and UK banks including HSBC, Barclays, and Goldman Sachs following an overhaul of its ratings criteria.

Barclays, HSBC, RBS and UBS have all seen their long-term credit ratings cut one notch in a move which will shake investor sentiment and could increase the banks’ funding costs. In the US, Bank of America,...