Standard & Poor’s has lowered its rating for BNP Paribas (PINK:BNPQY) from AA to AA- while affirming its ratings of Societe Generale (PINK:SCGLY) and Credit Agricole(PINK:CRARY). “In our view, French banks have already started to adapt their funding profiles, especially with the issuance of long term debt,” said S&P in the statement announcing the decisions.
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About 25% of JP Morgan’s (NYSE:JPM) third-quarter profit resulted from debt valuation adjustments. Morgan Stanley (NYSE:MS) owes DVAs for $1 billion, while Goldman Sachs (NYSE:GS) earned $300 million.
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Looking to save some money, Royal Bank of Scotland (NYSE:RBS) has canceled Christmas for its investment bankers. AN e-mail from the bank’s CFO to employees advises them that holiday parties and staff entertainment won’t be subsidized this year as the bank looks to “further tighten and minimize the rate of spend on non-staff costs.”