Asian private banking is in danger of turning from a boon into a boondoggle, writes LiamWardProud
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.A worker sprays disinfectant outside a Chanel store at a shopping area in Sanlitun after an outbreak of the coronavirus disease in Beijing, China July 13, 2020. REUTERS/Thomas Peter - RC24SH9LQN22
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