Shinhan Financial downgraded to Neutral from Buy at Goldman Sachs

Goldman Sachs downgraded Shinhan Financial to Neutral from Buy. Recent regulatory developments for the South Korea banks include inducing more competition, enhancing loss absorption capability and revisiting minimum capital requirements, the analyst tells investors in a research note. As a result, the firm believes the banks will be required to set aside more reserves and reduce buybacks. It says "headwinds" are coming for the banks.