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.
First-half revenue at the six biggest U.S. banks climbed for the first time in four years, fueling profits and vindicating Bank of America Corp. and Morgan Stanley leaders who presided over stock slumps.
Goldman Sachs Group Inc., whose shares have fallen 43 percent this year, may report its lowest quarterly profit since the 2008 financial crisis. Far from Wall Street, Wells Fargo & Co. is headed for record earnings.
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.