Moody’s downgrades 12 British banks including Lloyds, RBS, Nationwide over concerns of the government support

India's renewable energy project finance company IREDA reports higher profits
IREDA, the financing company for renewable energy and energy efficiency projects posted a robust all-round performance with an all-time high Profit Before Tax (PBT) at Rs. 166.70 crore registering a 18.19% rise over the previous fiscal, and recorded its highest ever Profit After Tax (PAT) of Rs.120.46 crore as compared to Rs. 72.69 crores over the previous fiscal. Loan sanctions and disbursements during the year stood at Rs. 3126.42 crore and Rs. 1224.17 crore respectively which is an increase of 71.41% in sanctions and 37.54% in the disbursement as compared to the last year.

Indian Renewa

UBS chief departs as pressure grew for his resignation in view of alleged $ 2.3 billion trading loss
Oswald J. Grübel, the CEO of Swiss bank UBS has resigned from the bank. The bank has named Sergio P. Ermotti as Group CEO on an interim basis. Earlier, London-based trader Kweku Adoboli has been charged for fraud that resulted in alleged $ 2.3 billion rogue-trading loss to the bank.

UBS's Chairman Kaspar Villiger said: "The Board regrets Oswald Grübel's decision. Oswald Grübel feels that it is his duty to assume responsibility for the recent unauthorized trading incident. It is testimony to his uncompromising principles and integrity. During his tenure, he achieved an impressive turnaround

Moody’s downgrades eight Greek banks
Moody's Investors Service downgraded the long-term deposit and senior debt ratings of eight Greek banks by two notches. These banks have been downgraded to Caa2 from B3.
Some of the reasons given by rating agency include the impact of recent impairments of Greek government bonds (GGBs), and the increasing risk of significant additional impairments of GGBs, on banks' capital levels, the deteriorating domestic economic environment on non-performing loans (NPLs) and decline in deposit bases and fragile liquidity positions.

These banks are: National Bank of Greece SA (NBG), EFG Eurobank Ergas

Moody's downgrades Citigroup Inc to P-2
Moody's Investors Service confirmed the A3 long-term rating of Citigroup and the A1 long-term and Prime-1 short-term ratings of Citibank N.A. At the same time, Moody's downgraded the short-term rating of Citigroup (the holding company) to Prime-2 from Prime-1. The actions conclude a review for possible downgrade announced on June 2, 2011. The outlook on the long-term senior ratings remains negative.

The confirmations reflect two offsetting factors: a decrease in the probability that the US government would support the bank, if needed, and an improvement in the bank's stand-alone credit prof

Moody's downgrades Wells Fargo A2 from A1, outlook negative
Moody's Investors Service downgraded the long-term ratings of Wells Fargo & Company and of its major subsidiaries including Wells Fargo Bank N.A. (rating on the bank for deposits to Aa3 from Aa2). The actions conclude a review for downgrade announced on June 2, 2011. The outlook on the long-term senior ratings remains negative.

The downgrades result from a decrease in the probability that the US government would support the bank, if needed. Moody's believes that the government is likely to continue to provide some level of support to systemically important financial institutions. However, i

Moody downgrades Bank of America ratings
Moody's Investors Service has downgraded the ratings of Bank of America Corporation's (BAC) holding company to Baa1 from A2 for long-term senior debt and to Prime-2 from Prime-1 for short-term debt. The long-term deposit ratings of Bank of America N.A. (BANA) were downgraded to A2 from Aa3, while BANA's short-term rating was affirmed at Prime-1. The actions conclude a review for downgrade announced on June 2, 2011. The outlook on the long-term senior ratings remains negative.

The downgrades result from a decrease in the probability that the US government would support the bank, if needed. M