NEW YORK (Standard & Poor's) Oct. 4, 2004--Recognizing the strength of size, diversification, and market position, Standard & Poor's Ratings Services analysts have given large complex banks in the U.S. a range of 'A' ratings and stable or positive outlooks. The retail sector, in particular, has made a significant contribution to the success of these institutions. "Retail has been an island of stability in this last cycle," explained Tanya Azarchs, managing director in Standard & Poor's Financial Institutions Ratings. "There's a renewed appreciation for retail banking because banks need branches to sell their other consumer services." The six large complex banks rated by Standard & Poor's Bank of America, Citigroup, JP Morgan Chase, U.S. Bancorp, Wachovia, and Wells Fargoderived between...
Companies mentioned in this report are:
- Wachovia Corporation
- Bank of America Corp.
- Wells Fargo & Co.
- U.S. Bancorp
- JPMorgan Chase & Co.
- Citigroup Inc.
Action: S&P Event
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Research type: News
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