Moody’s now negative on U.S. banks due to ‘extremely volatile funding conditions’

Moody’s Investors Service on Tuesday downgraded the U.S. banking system to negative from stable to reflect “the rapid deterioration in the operating environment” following deposit runs and the failures of Silicon Valley Bank, Signature Bank and Silvergate Bank.

S&P Global Ratings placed First Republic Bank’s A-minus rating under review.

Moody’s…