S&P stabilizes major bank outlook

S&P said it revised to stable from positive its outlooks on Bank of America Corp., JPMorgan Chase & Co., the PNC Financial Services Group Inc., and Truist Financial Corp. and affirmed their ratings.

“We believe the heightened market volatility in the wake of recent bank failures has shown that despite many of the positive enhancements made to bank regulation in the U.S., challenges can still arise in the banking industry. We have therefore reduced our upside expectations for bank ratings in the near term,” S&P said in a press release.

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