Downgrade for three major banks

Downgrade for three major banks

Downgrade for three major banks Barclays Capital has downgraded its ratings of three major Canadian banks citing weaker oil revenues, a slower economy and an expected decline in growth of their lending business. RBC, TD and BMO have all been rated as ‘underweight’ which normally prompts investors to sell. The major banks have not passed on the full 0.25 per cent interest rate cut to borrowers but many savers have seen their rates cut fully as the banks try to protect profits that are being squeezed elsewhere.