Banks start to get worried about further credit downgrades

A joint paper by U.S. and U.K. regulators recently recommended that the holders of unsecured bank debt should be required to share in the losses of "too big to fail" banks. "This policy action if implemented, could lead to banks being downgraded which might lead to further de-leveraging," said Jim Esposito, European head of financing at Goldman Sachs.

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