Ask David Conner, chief executive officer of Singapore’s Oversea-Chinese Banking Corp., what makes a world-class bank and he smiles and tells the story of how he was hired. It was April 2002, and Singapore’s banks faced a struggling economy, poor demand for credit and rising competition from foreign lenders that had just won greater access to the Singaporean market.
Morgan Stanley had its third- quarter earnings estimates cut by Goldman Sachs Group Inc. analysts, who cited “soft” revenue from the firm’s fixed- income, currency and commodities and equities divisions.
Morgan Stanley and Bank of New York Mellon Corp. are the two U.S. banks likely to have the largest capital shortfall if regulators double the so-called leverage ratio without exempting cash and government bonds, Goldman Sachs Group Inc. analysts wrote in a note today.
Goldman Sachs Group Inc. and JPMorgan Chase & Co. are among investment banks that stand to benefit from the biggest first-quarter credit rally in more than 15 years, as bond prices rise and some competitors pull back.