Wealth Management Franchises Resilient Despite the Highly Uncertain COVID-19 Environment
Revenues from Wealth Management and Asset management businesses at global firms with major Wealth Management activities (including UBS Group AG (UBSG), Bank of America Corporation (BAC), Morgan Stanley (MS) and Credit Suisse Group (CSG)) remained resilient in H1 2020, despite the global effects of the Coronavirus pandemic (COVID-19). However, all banks set aside higher credit provisions in their Wealth Management divisions in both Q1 and Q2. The resilient performance illustrates the strength of their global WM franchises, which are highly diversified by geography and product.
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