S&P Ratings Services revised its outlook on both Bank of America (NYSE:BAC) and Citigroup (NYSE:C) to negative from stable. The rating agency also affirmed the banks’ counterparty credit and debt ratings at A/A-1, respectively. "The outlook revision reflects our increased uncertainty about the U.S. government’s willingness to provide additional extraordinary support to highly systemically important financial institutions in a way that benefits debt holders," S&P credit analyst John Bartko wrote. -MarketWatch
Bank of America (NYSE:BAC), employees have been learning this month about their bonus pay for 2009 and are set to receive the money starting Monday. In general, the bonuses are expected to be better than last year’s payouts, which were down by 60 percent or more from the previous year. Employees at Wells Fargo (NYSE:WFC) won’t get their bonuses until next month, but the bank says that its total pool for bonus and commission pay is up about 66 percent over last year. -Bloomberg
McDonald’s Corporation (NYSE:MCD) is closing 430 restaurants in Japan, the latest sign of the faltering economy in the Asian country. A 50% owned affiliate will shutter the locations over the next 12 to 18 months in conjunction with the strategic review of the company’s real estate portfolio. The world’s largest restaurant chain plans to take charges of $40 million to $50 million in the first half of the year. McDonald’s Holdings Co. (Japan) has 3,700 stores. – Daily Finance
The euro held on to its overnight gains Tuesday as speculation that a bailout plan for fiscally stressed Greece is in the works boosted investor appetite for the common currency and riskier assets. The euro snapped a four-session losing streak against the dollar as riskier assets rallied in anticipation of a Thursday meeting of European Union leaders. The euro’s advance was triggered during Asian trading on talk that European Central Bank President Jean-Claude Trichet was leaving a gathering of central bankers in Sydney earlier than planned to attend the meeting. –The Wall Street Journal
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