New York ( CNN ) -- The ratings firm Fitch downgraded a cluster of the world 's largest banks Thursday , pointing to trading challenges facing international markets . The banks included Bank of America , Morgan Stanley and Goldman Sachs , as well as Europe 's Barclays , Societe Generale and BNP Paribas . Germany 's Deutsche Bank and Switerzland 's Credit Suisse were also downgraded . It was the third major credit rating agency to downgrade global financial institutions since September . SEC to appeal rejected Citigroup settlement . `` These actions culminate a broader , global review of financial institutions , '' the ratings firm said in a written statement . Managing Director Thomas Abruzzo added that the downgrades reflect `` fundamental risks in the global trading bank environment . '' He noted that , for Bank of America , Thursday 's move reflects `` particularities of the firm 's business , '' notably issues arising from `` legacy acquisitions '' such as Merrill Lynch and Countrywide . Last month , Standard & Poor 's downgraded the credit ratings of 15 banks . In September , Moody 's Investors Services also announced downgrades . Financial institutions have faced difficult times worldwide , with investor concerns largely focused on the exposure banks may have to the European debt crisis .
The banks included Bank of America , Morgan Stanley and Goldman Sachs . In the case of Wells Fargo, it was a scandal that led to its CEO resigning in disgrace after admitting he had created fake accounts for customers without their knowledge or permission. Last month , Standard & Poor 's downgraded the credit ratings of 15 banks .