Moody's downgrades 15 major banks

Things are looking bleak for big banks.

The ratings agency Moody's downgraded 15 major banks, including Bank of America, Citigroup, and JP Morgan, on Thursday.

The move was made because of concerns about global financial stability. The banks' credit ratings were cut after the markets closed.

Trading could be rough and this could affect us all by making it more difficult and expensive to get loans, on everything from cars t mortgages.

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