Market appreciation and assets from Goldman’s 2019 purchase of United Capital boosted wealth revenue from a year ago, but it was off 9% from first quarter on Covid effects.
Higher-than-expected credit provision bankwide hurts wealth unit, which also continued to dribble advisor headcount despite intensified recruiting efforts.
UBS survey conducted in May found growing interest once fears subsided in sustainable investing.
The fallout from coronavirus has provoked fears among the world’s wealthy, with the majority planning to curtail travel and move closer to family in a world they see permanently altered by the pandemic.
Private client group assets at big regional jumped 4% in May from previous month and by 8% from a year ago on market appreciation and new brokers.
Corporate employees of Edward Jones in Missouri, Arizona and Canada will trickle back to offices next month but it will be “a long time” before all of the partnership’s 6,500 home-office workers return, managing partner says.
Wall Street deals are on hold. Its skyscrapers are mostly hushed. But, in a subtle sign of New York City’s reopening, Franco Anzalone is finally cutting hair again.
UBS Group AG may never bring all of its employees back to the office in a post-Covid-19 environment.
Rich hedge fund managers are talking about it. So are not-so-rich millennials. And fast-twitch gamers, and bored sports fans and — in all likelihood — some 15-year-olds you know.
Wirehouse will allow brokers in about 8% of its branches to return to their offices after four months of working from home, but like many companies is unlikely to open in densely populated areas until 2021, executives say.
Morgan Stanley teams in California, Connecticut and Florida overseeing $465 million and UBS advisors in New York and L.A. managing $568 million make pandemic moves.