Bank execs see their industry lagging economy-survey

By : Chavon Sutton
Date posted :2009-08-18 23:01:00

NEW YORK, Aug 19 (Reuters) - Banking and financial services executives have a less than rosy outlook for their industry relative to the economy as a whole, according to a study by tax and advisory firm KPMG [KPMG.UL] released on Wednesday.

Nearly two-thirds of the executives surveyed said a recovery in the banking and financial services industries would lag that of the overall U.S. economy.

Asked to rank the top challenges to their businesses, the executives first chose managing risk and then finding new sources of revenue growth. Regulatory compliance, raising capital and restoring investor confidence tied for third place.

The sour sentiment comes even as the financial services sector has experienced a comeback of sorts.

The S&P Financial Services index is up 10.85 percent since January, outpacing healthcare and industrials, which are up 4.20 percent and 2.08 percent, respectively, and energy, which is down 2.04 percent.

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