Raphael Stevens

Here’s how the company did: Earnings of $1.70 per share vs. $1.62 Refinitiv estimate
Revenue of $14.52 billion vs. $13.92 billion estimate.

Morgan Stanley CEO James Gorman participates in a conversation-style interview with Economic Club of Washington in Washington September 18, 2013.
Yuri Gripas | Reuters

Morgan Stanley on Wednesday topped estimates for first quarter profit and revenue on better-than-expected trading results.
Here’s how the company did:

Earnings of $1.70 per share, vs. $1.62 Refinitiv estimate
Revenue of $14.52 billion, vs. $13.92 billion estimate.

The New York-based bank said earnings fell 19% to $2.98 billion, or $1.70 a share, from a year earlier on declines in investment banking and trading. Companywide revenue slipped 2% to $14.52 billion.
As revenues dipped, expenses at the bank climbed 4% to $10.52 billion, mostly fueled by higher-than-expected compensation costs. Expenses came in $430 million higher than the StreetAccount estimate.
Higher costs helped hurt profit margins at the bank’s wealth division and investment bank, analyst Mike Mayo of Wells Fargo said in a research note. He also said that when excluding the benefit of a low tax rate, the bank would’ve earned $1.64 per share.
Shares of the bank dropped 3.8% in premarket trading.
Under CEO James Gorman, Morgan Stanley has become a wealth management giant thanks to a string of acquisitions. The bank gets most of its revenue from wealth and investment management, steadier businesses that help to offset volatile trading and banking results.

“The investments we have made in our wealth management business continue to bear fruit as we added a robust $110 billion in net new assets this quarter,” Gorman said in the earnings release. “Equity and fixed Income revenues were strong, although investment banking activity continued to be constrained.”
Wealth management revenue climbed 11% from the year-earlier period to $6.56 billion, matching the StreetAccount estimate. The increase was fueled by a rise in net interest income amid higher rates and loan growth, which offset lower asset management revenues as markets declined.
First-quarter trading revenue dipped from a year ago as Wall Street comes down from a pandemic-era boom, but Morgan Stanley’s traders managed to top expectations by roughly $250 million.
The bank’s fixed income traders produced $2.58 billion in revenue, exceeding the $2.33 billion StreetAccount estimate. Equities trading revenue of $2.73 billion edged out the $2.65 billion estimate.
Investment banking revenue dropped 24% to $1.25 billion on fewer completed M&A deals and lower stock and debt issuance, edging out the $1.2 billion estimate.
Finally, the bank’s smallest business, investment management, saw revenues drop 3% to $1.29 billion, just below the $1.34 billion estimate, as management fees decreased amid declining markets.
At the start of a conference call with analysts, Gorman addressed the turmoil sparked by the March collapse of two American regional banks.
“In my view, we are not in a banking crisis, but we have had and may still have a crisis among some banks,” Gorman said. “I consider the condition not remotely comparable to 2008.”
He added that there was “no doubt” that Morgan Stanley would acquire more companies in wealth management, though nothing was imminent.
Morgan Stanley shares have climbed 5.7% this year before Wednesday, outperforming the 16% decline of the KBW Bank Index.
JPMorgan Chase, Citigroup, Wells Fargo and Bank of America each topped expectations as the firms reaped more interest income amid rising rates. Goldman Sachs missed on costs tied to unloading consumer loans amid its pivot away from retail banking.
This story is developing. Please check back for updates. More

The $9 million settlement between Betterment and the U.S. Securities and Exchange Commission will be shared among roughly 25,000 of the robo-advisor’s clients, with a median payout of about $100.
Betterment’s alleged failures were related to “tax-loss harvesting,” a technique common among financial planners whereby taxes on investment profits are reduced or eliminated by offsetting them with losses from other investments.
Impacted customers will be notified of their compensation later this year when the SEC approves a distribution plan, the firm said.

The U.S. Securities and Exchange Commission headquarters in Washington.
Al Drago/Bloomberg via Getty Images

Robo-advisor firm Betterment agreed on Tuesday to settle charges with the U.S. Securities and Exchange Commission for $9 million over alleged failures related to an automated tax service.
The sum will be distributed among roughly 25,000 client accounts, which lost about $4 million in potential tax benefits from 2016 to 2019, the SEC alleged.

The median payout for investors will be less than $100, Betterment estimated. Impacted customers will be notified of their compensation later this year when the SEC approves a distribution plan, the company said.
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Betterment didn’t admit or deny wrongdoing as part of its settlement agreement.
Betterment was among the initial crop of automated investment platforms — so-called robo-advisors — for retail investors that started cropping up around 2008, when the advent of the iPhone created a ubiquitous digital culture.
Betterment’s alleged failures relate to “tax-loss harvesting.”

In basic terms, this technique — common among financial planners — seeks to reduce or eliminate taxes owed on investment profits by offsetting them with losses from other investments. That might mean selling losing stocks to offset taxes on winners, for example.
The SEC alleged that Betterment “misstated or omitted several material facts” in client communications concerning its tax-loss harvesting service.

Software tweaks and coding errors found

Among other things, the company didn’t disclose a software tweak related to the frequency with which it scanned customer accounts for tax-saving opportunities, and had two computer coding errors that prevented some clients’ losses from being harvested, the SEC said.
“Betterment did not describe its tax loss harvesting service accurately, and it wasn’t transparent about the service’s changes, constraints and coding errors that adversely impacted thousands of clients,” Antonia M. Apps, director of the SEC’s New York regional office, said in a written statement Tuesday.

Betterment had fixed the related coding and customer disclosure issues by 2019, the company said. Since then, Betterment has “made significant investments to build and strengthen its compliance program,” it said Tuesday in a written statement.
The tax-loss harvesting service saved hundreds of millions of dollars in taxes for more than 275,000 customers who have used it since being introduced in 2014, Betterment said.
“[Betterment] fully cooperated with the SEC’s inquiry and is pleased to have reached a resolution on these issues,” it said. More

Check out the companies making headlines before the bell.

United Airlines Boeing wide body 777-200 aircraft as seen during take off and flying phase, passing in front of the air traffic control tower while the plane is departing from Amsterdam Schiphol Airport AMS towards Houston IAH in the United States of America as flight UA21. 
Nicolas Economou | Nurphoto | Getty Images

United Airlines — The airline lost 0.9% in the premarket after it announced a net loss for the first quarter. United posted a loss of 63 cents per share, which is 10 cents smaller than the 73-cent estimated loss from analysts polled by Refinitiv. The company reported $11.43 billion in revenue, slightly above the $11.42 billion estimated. 

Interactive Brokers Group — Shares of the electronic broker were down 3.7% after the company reported a miss on earnings in the first quarter. The company posted earnings per share of $1.35, which fell below the $1.41 consensus estimate from analysts polled by Refinitiv.
Netflix – Shares of the streaming giant fell more than 2% after the company reported mixed results on the delayed rollout of its crackdown on password-sharing, which was originally scheduled for the first quarter. Revenue came in slightly below the analyst consensus from Refinitiv, although earnings topped estimates.
Western Alliance – Shares of the beaten-down regional bank jumped more than 20% in premarket trading after Western Alliance said its deposits have been rebounding in April after declining 11% in the first quarter. Wedbush upgraded the stock to outperform after Western Alliance’s quarterly report despite the bank’s net income falling more than 50% from the previous quarter.
Travelers — The insurance stock added more than 3% before the bell after beating Wall Street’s expectations on both the top and bottom lines. The Dow Jones Industrial Average component reported adjusted earnings of $4.11 a share on $9.40 billion in net premiums.
Intel — Shares were down almost 2% after the semiconductor manufacturer announced it would be discontinuing its bitcoin mining chip series, Blockscale, after just a year of production. 

Abbott Laboratories — The medical device company advanced 2.8% after beating top- and bottom-line expectations and reaffirming guidance. The company reported $1.03 in earnings per share on revenue of $9.75 billion for the first quarter, while analysts polled by FactSet anticipated 99 cents in per-share earnings on $9.67 billion in revenue. The company said it still expects full-year adjusted earnings per share to come in between $4.30 and $4.50, in line with the $4.39 consensus estimate of analysts. 
U.S. Bancorp — Shares of the bank were up 1.7% after it announced an earnings and revenue beat for the first quarter. U.S. Bancorp posted $1.16 earnings per share and revenue of $7.18 billion. Analysts polled by Refinitiv had estimated per-share earnings of $1.12 and revenue of $7.12 billion. Meanwhile, the bank reported its quarter-end deposits were down 3.7% to $505.3 billion. 
Rivian Automotive — The electric-vehicle maker slipped about 2% after being downgraded by RBC Capital Markets to sector perform from outperform. The Wall Street firm remains constructive on the longer-term outlook for the stock, but sees limited catalysts to accelerate profitability in the near term. It also slashed its price target in half, to $14 from $28 per share.
ASML Holding – Shares of the chipmaker lost 2.6% in early morning trading after the company reported net bookings for the first quarter were down 46% year-over-year on “mixed signals” from customers as they work through inventory. The shares fell despite ASML reporting an earnings beat for the quarter.
Boeing — Shares of the industial rgiant dipped 0.6% in premarket after CEO Dave Calhoun said that a flaw detected in some of its 737 Max planes won’t hinder its supply chain plans for increased production of its bestselling jetliner this year. The company disclosed a flaw with some of its 737 Max planes last week and said it was likely to delay deliveries.
Morgan Stanley  — Shares were down 3.2% after the bank announced its quarterly earnings. The investment bank and wealth manager posted earnings per share of $1.70 for the first quarter, greater than the $1.62 estimate from analysts polled by Refinitiv. Overall revenue came in at $14.52 billion, above the $13.92 billion consensus estimate from Refinitiv as equities and fixed income trading units performed better than expected. One growth area was wealth management, where revenue increased by 11% from a year ago. The shares, which are outperforming most other banks this year, eased by 2% in early trading despite the results.
Ally Financial — The digital financial services company’s shares were down 1.3% after its first quarter earnings and revenue missed Wall Street’s expectations. Ally posted per-share earnings of 82 cents, while analysts had anticipated 86 cents per share, according to FactSet data. The bank’s adjusted total net revenue also fell below estimates, coming in at $2.05 billion versus the $2.07 billion consensus estimate from FactSet analysts.  
Intuitive Surgical — Shares jumped 8.1% after Intuitive Surgical reported an earnings and revenue beat. The company reported adjusted earnings per share of $1.23, topping against a consensus estimate of $1.20 per share, according to FactSet. Revenue grew 14% from the prior year, coming in at $1.70 billion, compared to estimates of $1.59 billion.
Tesla – Shares dropped more than 2% in the premarket after Tesla slashed prices on some of its Model Y and Model 3 electric vehicles in the U.S. The cuts come ahead of Tesla’s earnings report after the bell on Wednesday and is the sixth time the EV maker has lowered prices in the U.S. this year.
 Zions Bancorporation — The regional bank stock jumped nearly 4% in premarket before its earnings report after the bell Wednesday. Investors could be getting optimistic after its peer Western Alliance said in its first-quarter that deposits have stabilized since last month’s collapse of Silicon Valley Bank.
CDW — The IT company’s shares plunged 10.6% after it reported a weaker-than-expected preliminary quarterly earnings report. CDW issued quarterly revenue guidance of $5.1 billion, falling below the FactSet analysts’ consensus estimate of $5.58 billion. The company said it was significantly impacted by more cautious buying amid economic uncertainty. It also issued guidance for its full-year earnings to fall “modestly below” 2022 levels.
Citizens Financial Group — Shares were down almost 4% after the company’s first-quarter earnings disappointed investors. Citizens Financial’s earnings per share came in at $1, while analysts had estimated $1.13, according to Refinitiv data. The company’s revenue of $2.13 billion also came below analysts’ expectations of $2.14 billion. Citizens Financial reported a 4.7% decline in deposits to $172.2 billion.
— CNBC’s Alex Harring, Tanaya Macheel, John Melloy, Michelle Fox, Yun Li, Jesse Pound and Kristina Partsinevelos contributed reporting More

The consumer price index rose by an annual 10.1%, according to the Office for National Statistics, above a consensus projection of 9.8% in a Reuters poll of economists.
This follows unexpected jump to 10.4% of February, which broke three consecutive months of declines since October’s 41-year high of 11.1%.

City workers in Paternoster Square, where the headquarters of the London Stock Exchange is based, in the City of London, UK, on Thursday, March 2, 2023.
Bloomberg | Bloomberg | Getty Images

U.K. inflation unexpectedly remained in double-digits in March as households continued to grapple with soaring food and energy bills.
The consumer price index rose by an annual 10.1%, according to the Office for National Statistics, above a consensus projection of 9.8% in a Reuters poll of economists.

This is a slight dip from the unexpected jump to 10.4% of February, which broke three consecutive months of declines since October’s 41-year high of 11.1%.
On a monthly basis, CPI inflation was 0.8%, above a Reuters consensus of 0.5% and down from the 1.1% of February.
The Consumer Prices Index including owner occupiers’ housing costs (CPIH) rose by 8.9% in the 12 months to March 2023, down slightly from 9.2% in February but well above expectations.
Core CPIH, which excludes volatile food, energy, alcohol and tobacco prices, rose by 5.7% over the 12 months, unchanged from February’s annual climb — which will be a concern for the Bank of England.

“The largest upward contributions to the annual CPIH inflation rate in March 2023 came from housing and household services (principally from electricity, gas and other fuels), and food and non-alcoholic beverages,” the ONS said in the Wednesday report.

As British households continue to contend with high food and energy bills, workers across a range of sectors have launched mass strike action in recent months amid disputes over pay and conditions.
The ONS said food and non-alcoholic beverages prices rose by 19.2% in the year to March 2023, the sharpest annual increase for more than 45 years.
U.K. Finance Minister Jeremy Hunt said the Wednesday figures reaffirm why the government must continue efforts to drive down inflation.
“We are on track to do this — with the OBR (Office for Budget Responsibility) forecasting we will halve inflation this year — and we’ll continue supporting people with cost-of-living support worth an average of £3,300 per household over this year and last, funded through windfall taxes on energy profits,” Hunt said in a statement.
Bank of England’s tough task
The Bank of England last month hiked interest rates by 25 basis points to 4.25%, and traders are pricing a 72% probability of a further quarter-point hike at the Monetary Policy Committee’s meeting on May 11.
Economists expect the slight decline in the headline figure of March to be followed by a bigger drop in April, due to the base effects of a jump in energy prices in April 2022, when the U.K.’s energy regulator lifted its price cap by 54%.
“While core inflation is likely to prove more stubborn, the squeeze on consumer demand from rising taxes and the lagged impact of raising interest rates should put it on course for a firm downward path by the Autumn,” said Suren Thiru, economics director at ICAEW (Institute of Chartered Accountants in England and Wales).
The U.K. economy was flat in February, as widespread industrial action and the persistent cost of living crisis stymied activity, and Thiru suggested that the MPC may be more divided over whether to hike interest rates further in May, as “concerns grow over a flatlining economy.”
Hugh Gimber, global market strategist at JPMorgan Asset Management, said that, although headline inflation is again heading in the right direction, the central bank is “still a long way from being able to feel comfortable that price pressures are under control.”

“Yesterday’s labour market data provided a stark demonstration of how tight jobs markets are fueling strong wage growth. The feedthrough to today’s inflation print was clear, given the strength in wage-sensitive service sectors,” Gimber said.
U.K. unemployment edged up to 3.8% in the three months to the end of February, new data showed Tuesday, while economic inactivity levels fell and employment rates also rose by more than expected.
“For the BoE, although there are hints of a softening in the tightness of the jobs market, particularly in the continued fall in vacancies, the jobs market remains tight overall,” said Victoria Clarke, U.K. chief economist at Santander CIB.
“The latest report does not deliver the reassurance that the MPC is likely to be looking for that pay growth is moderating down towards rates consistent with the BoE inflation target.”
While stabilizing energy prices will help rein in inflation over the second half of the year, JPMorgan’s Gimber said it is “increasingly evident” that an extended period of depressed economic growth will be needed to rein in core price pressures.
“Another 25 basis point rate hike appears highly likely in May, and the Bank must stand ready to take further action unless economic data shows more definitive signs of cooling,” he said.
“Policymakers have come a long way in their fight against inflation. Going forward, the biggest mistake would be to claim victory prematurely.” More

Public debt burdens in developing countries have been exacerbated in recent years by back-to-back global crises.
A lot of the debt accrued by low-income countries is coming due over the next couple of years.
Rising interest rates mean these countries will find it increasingly difficult to meet their repayments.
World Bank Senior Managing Director Axel van Trotsenburg told CNBC last week that with interest rates still rising and global growth slowing, more collaborative efforts from international bodies and developed economies would be needed.

ACCRA, Ghana – Nov. 5, 2022: Ghanaians march during the ‘Ku Me Preko’ demonstration to protest against the soaring cost of living, aggravated since the Russian invasion of Ukraine. Some expressed opposition to the government’s pursuit of IMF assistance.
Ernest Ankomah/Getty Images

Leaders of several global financial bodies warned that rising interest rates are increasing pressure on low-income developing countries, around 60% of which are now in or at high risk of debt distress.
Public debt burdens in developing countries have been exacerbated in recent years by back-to-back global crises, with Russia’s invasion of Ukraine coming on the heels of the Covid-19 pandemic, while many heavily-indebted nations are also dealing with idiosyncratic pressures from climate events or conflict.

Major central banks around the world have tightened monetary policy aggressively over the past year in order to rein in soaring inflation. A lot of the debt accrued by low-income countries is coming due over the next couple of years, however, and rising interest rates mean these countries will find it increasingly difficult to meet their repayments.
The International Monetary Fund and the World Bank have established a host of relief measures in recent years, including the IMF-World Bank Debt Sustainability Framework, designed to guide the borrowing of low-income countries in a way that ensures stability in public finances.

Meanwhile the G-20 Common Framework, an initiative endorsed by the Paris Club — the group of officials from major lending countries tasked with finding solutions for debtor countries — was established in late 2020 to offer additional support in the form of grants to countries with unsustainable debt.
Ghana in January became the fourth country to seek debt treatment under the Common Framework, alongside Chad, Ethiopia and Zambia.
Yet the implementation, in practical terms, has not been smooth. Zambia, which became the first African country to default in 2020 after the onset of the pandemic, complained earlier this month that it was being “punished” in the debt restructuring process because its two main creditors, international bondholders and China, had failed to reach an agreement.

The IMF said earlier this month that the next instalment of Zambia’s $1.3 billion rescue loan was contingent on a debt restructuring agreement being reached.
Despite the provisions already in place, World Bank Senior Managing Director Axel van Trotsenburg told CNBC last week that with interest rates still rising and global growth slowing, more collaborative efforts from international bodies and developed economies would be needed.
“I think we should be worried. World economic growth is relatively weak and that has its implications, the increased interest rate means that a lot of capital has flowed out of developing countries — this is badly needed for investment, so many of the developing countries are under stress,” he told CNBC’s Joumanna Bercetche at the IMF Spring Meetings in Washington, D.C.
High interest rates in developed nations like the U.S. lead many investors to flock back to dollar-denominated assets, curbing their foreign investments.
“Particularly the poorest countries are bearing the brunt of it because they have in the first place a hard time to attract capital, and they have also to deal with other crises from conflict to climate, so this is a tough time,” van Trotsenburg said.
As such, van Trotsenburg called for “renewed solidarity with developing countries” from international bodies and major economies not just in the form of words, but with increased resources.

This was echoed by Makhtar Diop, managing director of the International Finance Corporation (IFC), a member of the World Bank Group and the largest global development institution devoted to the private sector in developing nations.
Addressing concerns about the impact of interest rate increases on financial stability and debt sustainability in the developing world, Diop said debt distress was “one of the main risks” that the global economy faces in the short term, especially as much of the at-risk debt is coming to maturity imminently.
“That’s actually something that we raised a decade ago when we saw a rapid rise in the indebtedness levels of low-income countries. We warned them by saying to them that the conditions at which this debt might be paid and refinanced in the future might be worse conditions, and will affect the sustainability of their economies,” Diop explained.
“A lot of bullet payments, as we call them, occurred eight years after the loans were made, and we need to address that situation.”
A bullet repayment refers to an entire outstanding loan amount being met with a single lump sum payment, usually at maturity.
Diop said establishing a firm path toward economic growth in developing economies would enable them to generate investment and stand a better chance of meeting future loan obligations.
He also suggested that institutions such as the Paris Club should include some of the borrowers in question, rather than just the world’s biggest lenders, in order to bring debtors and creditors into the same conversation and reach more workable solutions.

A third problem that must be addressed in order to return distressed countries to debt sustainability is the “currency mismatch,” he added.
“A lot of the debt was in dollar when countries are generating their income in local currency, so deepening the capital markets will be very important for countries to be able to offset some of this long-term risk,” Diop said.
The IMF last week forecast that global growth will be around 3% five years from now — the lowest medium-term forecast in the D.C.-based organization’s World Economic Outlook for more than 30 years.
In the short term, the Fund expects global growth of 2.8% this year and 3% in 2024, slightly below its estimates published in January.
South African Finance Minister Enoch Godongwana also told CNBC that even as the most industrialized, technologically sophisticated and diversified economy in Africa, his country’s outsized exposure to global economic cycles was a potential concern.
“By way of example, if we look at the global financial crisis of 2007/2008, we were one of the heavily affected countries on the African continent, and lost one to 2 million jobs,” Godongwana said.
“Our connection to the global economy is deep, and therefore any changes in the global economy are likely to be massive.” More

LinkedIn has released its annual list of top companies in Singapore to work for — and banking and information technology companies dominated the 2023 list.
The list of top companies also saw a huge reshuffle this year, which is a testament to “Singapore’s strong business ecosystem,” according to the professional networking platform. 

Compared to 2022, there are 10 new companies that made this year’s top 15 — including Mastercard, Procter & Gamble, Citi, and tech giants Amazon and Apple. 
The banking and finance sector in particular, saw 4 companies in the top 5 on the “LinkedIn Top Companies 2023″ for Singapore.

“The finance industry in Singapore has always been a key pillar in the country’s economy, and companies like DBS, Standard Chartered Bank, and Citi are big employers,” said Pooja Chhabria, LinkedIn Career Expert and Head of Editorial for APAC.
“Singapore is also positioning itself as a fintech hub in the world … which means there continues to be long-term growth and job opportunities for professionals in areas from sustainable finance to data analysis.”
Amazon and Alphabet both made the list, despite making headlines this year with mass global layoffs. However, Alphabet — the parent company of Google — dropped 6 places from last year’s list. 

Chhabria told CNBC Make It that attrition and layoffs were considered when compiling the list. 
“To ensure we’re only featuring companies that offer a stable workplace where employees can grow long-term, companies that have laid off 10% or more of their workforce during our methodology time period … are ineligible to rank,” she added. 
LinkedIn said it drew on in-house data collected between Jan. 1 and Dec. 31, 2022, measuring companies based on eight factors that lead to career progression: 

Ability to advance
Skills growth
Company stability
External opportunity
Company affinity
Gender diversity
Educational background
Employee presence in the country

To be eligible, companies must also have had at least 500 employees as of Dec. 31, 2022 in Singapore. 
LinkedIn said the rankings give working professionals at all levels “actionable insights and resources,” such as skills and roles the companies are hiring for. 
Here’s the full list of Singapore’s Top Companies 2023 
15. Roche — health care
14. SAP — IT & services 
13. Alphabet — IT & services 
12. Apple — IT & services 
11. A.P. Moller – Maersk — shipping, transport & logistics 
10. Bank of America — banking 
9. Grab — IT & services 
8. Medtronic — health care 
7. Amazon — IT & services 
6. Singtel — telecommunications technology 

5. Citi

Industry: Banking 
Most common skills: Commercial banking, capital markets, investment banking
Most common job titles: Business development officer, business analyst, banker 
A re-entry this year is Citi, which operates as a full-service bank in Singapore. It provides financial products and banking services to individuals, corporations, governments, investors and institutions. 

4. Procter & Gamble

Industry: Consumer goods 
Most notable skills: Cosmetology, chemical processing, retail
Most common job titles: Brand manager, director of business development, brand director  
Procter & Gamble — another new entry to this year’s list — is the parent company of household brands like Braun, Gillette and Oral-B. It manufactures consumer goods, including in fabric care, fabric care, home care and grooming.

3. Mastercard

Industry: Financial services 
Most notable skills: Growth strategies, commercial banking, partner development 
Most common job titles: Director of product management, product manager 
Mastercard is also new on the list. The global technology company specializes in electronic payment solutions through credit, debit and prepaid cards.

2. Standard Chartered Bank

Industry: Banking 
Most notable skills: Commercial banking, capital markets, software development life cycle (SDLC)
Most common job titles: Business analyst, business development officer, project manager 
Maintaining its second place ranking in 2023, Standard Chartered Bank is an international banking group with a local subsidiary in Singapore. It provides personal, private and institutional banking, among other financial services. 

1. DBS Bank More