Moody’s Cuts Deposit Ratings at Major Banks After Downgrading US

Moody’s Ratings cut its ratings for deposits at some of the biggest banks, including Bank of America Corp., JPMorgan Chase & Co., citing Friday’s downgrade of the US and the government’s weakened ability to support the firms.

Long-term deposit ratings at units of Bank of America, JPMorgan and Wells Fargo & Co., were lowered by one step to Aa2, Moody’s third-highest level. The bond grader also downgraded the senior unsecured debt ratings for some units of Bank of America and Bank of New York Mellon Corp, cutting them to Aa2 from Aa1.