Pressure on Asian private bankers as UBS, Credit Suisse, HSBC underperform

Posted by PSR_AXP 15 days ago
Relationship managers at UBS, Credit Suisse and HSBC in Asia are likely to be under more pressure after disappointing first quarter results that have put the recent boom in private banking hiring under the spotlight.
At Credit Suisse, Asia Pacific assets under management (AUM) fell 9% year-on-year to CHF266.2bn ($237bn) in the opening quarter. At HSBC, which makes most of its profit from Asia, revenue in the global private bank was down 3% to $464m.
Profit in UBS’s Asia Pacific wealth management unit slumped 38% year-on-year to $288m in Q1, even as the bank’s overall profit surged by almost a fifth over the same period. There were “lower levels of client activity in Global Wealth Management, particularly in Asia Pacific”, according to its financial results. Asia Pacific AUM at UBS was down 14% to $494bn.

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