Asian private banking is in danger of turning from a boon into a boondoggle. Some of the problems dragging down wealth-management earnings in the region for UBS and other Western banks may prove temporary, but China’s “common prosperity” agenda risks undermining the much-hyped opportunity. A recent hiring blitz looks harder to justify.
- UBS on April 26 reported $2.7 billion of pre-tax profit for the first quarter of 2022, a 19% increase from the same period a year earlier.
- The biggest driver of the gain was its investment bank, where pre-tax profit doubled compared to the first three months of 2021 when it booked some losses from the collapse of Archegos Capital Management. - Pre-tax profit in global wealth management, UBS’s largest business, fell 7% year-on-year to $1.3 billion. The division was dragged down by a 38% decline in the Asia-Pacific region.Editing by Jeffrey Goldfarb, Katrina Hamlin and Streisand NetoOpinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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Asia wealth slump renders bank hype a little richUBS’s pre-tax profit from private banking in the region slumped 38% in the first quarter. Lockdown pains should ease eventually, but China’s “common prosperity” agenda may undermine the highly touted opportunity. Hiring blitzes by Citi, HSBC and others could be hard to justify.
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