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"[People] don’t expect retirement to begin with social security and sit on the back deck in a lounge chair for the rest of their lives. This group really wants to remain active."

Jeff Cimini, head of personal retirement at Merrill Lynch

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Moody's Investors Service, the credit ratings agency, has downgraded the ratings of 15 global banks and securities firms that have global capital markets operations, citing the risks they face from volatile market conditions. All of the banks concerned operate substantial wealth management businesses.

The firms’ ratings were cut by between one and three notches, reflecting the severity of the potential losses they may face.

The following banks were affected:

Bank of America; Barclays; Citigroup; Credit Suisse; Goldman Sachs; HSBC; JP Morgan; Morgan Stanley; Royal Bank of Scotland; BNP Paribas; Credit Agricole; Deutsche Bank; Royal Bank of Canada; Royal Bank of Scotland; Societe Generale; UBS.

The ratings downgrades had been expected since 15 February when the agency had announced it was starting a review; media reports noted that share prices of some of the firms actually rallied yesterday in the US as downgrades had been factored into prices for several months.

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