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The First Casualty of the S&P Downgrade of the U.S. Treasury...

...is S&P President Deven Sharma.

David Gelles and John McDermott report:

Sharma to step down as S&P president: Deven Sharma is stepping down as president of Standard & Poor’s only weeks after the rating agency issued an unprecedented downgrade of the credit of the US, according to people familiar with the matter. Mr Sharma will remain as an adviser to S&P’s owner, McGraw-Hill, for four months and leave the company at the end of the year, they said. Mr Sharma will be replaced as S&P president by Douglas Peterson, chief operating officer of Citibank, the banking unit of Citigroup, they said. The downgrade of US credit on August 5 led to the worst single day fall in US equity prices since the depths of the financial crisis, and triggered weeks of global market volatility.

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