Banco Santander SA and Banco Bilbao Vizcaya Argentaria SA, Spain’s biggest lenders, were cut three levels by Moody’s Investors Service, which cited a recession and mounting loan losses in downgrading 16 of the nation’s banks. Jamie Dimon, JPMorgan Chase & Co.’s chief executive officer, agreed to testify before a Senate committee on the company’s $2 billion loss as lawmakers debate whether to tighten rules on trading by U.S. lenders. Facebook Inc. raised $16 billion in the biggest initial public offering by a technology company in history, pricing the shares at the top end of an increased range. Susan Li reports. (Source: Bloomberg)

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