A number of banks doing business in Silicon Valley, led by Bank of America and Citibank, are rated as vulnerable to future financial difficulties in a report by Weiss Ratings, a Florida-based bank analysis firm.
Weiss said on Monday that 2,259 U.S. banks and savings & loans, controlling $5.8 trillion, or 43.8 percent of the industry’s total assets, might be in trouble in the event of a significant economic shock.
"Most ‘vulnerable’ institutions will not ultimately fail," the firm said in its report. "However, we believe that the risk of failure is higher."
"Major U.S. banks continue to be plagued by toxic assets and an inability to raise capital," said Martin D. Weiss, chairman of Weiss Ratings, in a news release.
To read the full article, click here …
