Jan
22
Fleeing Clients Are Grim Reality in Banks’ Push to Manage Money
By-
UBS not immune to market swings that’s made clients nervous
- Credit Suisse warns of ‘difficult’ quarter despite resilience
Managing money for the wealthy — once touted as a panacea for banks burned by investment banking’s cutthroat rivalry and lenders’ smothering capital requirements — is proving to be anything but.
UBS Group AG, the world’s largest wealth manager, predicted lower revenue from its asset management and wealth divisions in coming weeks after seeing $13 billion yanked during the final months of 2018. Credit Suisse Group AG signaled that its assets under management were resilient during the recent equities meltdown, but warned it’s been a “very difficult quarter.”…
Fleeing Clients Are Grim Reality in Banks’ Push to Manage Money
