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State of the banking industry
- In Q2 2013, US and Western European banks exhibited solid TSR performances fueled by promising P&L results in Q1 2013
- Investors, however, became cautious about BRICS and especially Chinese banks, leading to lower valuations and higher CDS spreads
Key banking drivers
- The recession in Western Europe continued with negative growth rates for the fourth quarter in a row
- Sovereign interest rates remained low but increased in Q2 2013 as the US Federal Reserve considered adopting an expansive monetary policy
Special topic: Generating value in banks while acting as a responsible citizen
- Double sustainability as a strategic chance for banks
- Social/ecological sustainability tends to push TSR performance of banks but financial sustainability is a clear pre-condition
