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Transcript
00:00Remember Fitch? Not Abercrombie and Fitch, but the credit ratings agency which downgraded the
00:04U.S. economy? They're back with more bad news. There may be another downgrade coming for the
00:09banking industry. Fitch is warning it may be forced to cut the credit rating of dozens of
00:13banks, including big ones like J.P. Morgan. Now, so far, thankfully, there hasn't been a downgrade,
00:18but there is a possibility. Here's what the ratings look like as of August 2023. And remember,
00:24these ratings just represent how safe a bank might be. Bank of America, Bank of New York
00:28Mellon, J.P. Morgan Chase, and State Street are the highest rated, with Morgan Stanley and Wells
00:33Fargo right below them. All these banks that are highlighted in bold means they're systematically
00:37important, aka too big to fail. Again, none of this is a reason to be concerned yet,
00:43but it is important to pay attention to.
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