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UBS, Citi Among Banks Hit by Asia Rich Clients’ Pullback

  • Credit Suisse also facing regional decline in wealth revenue
  • China’s crackdown on private enterprise has roiled markets
Updated on

A slump in client trading activity in Asia is threatening to slow a lucrative earner for the world’s biggest wealth managers. 

UBS Group AG  and Citigroup Inc. are among banks whose wealth revenues for the region likely declined by double digits in the first half, people familiar with the matter estimated, asking not to be identified discussing private information. Credit Suisse Group AG, which last month warned that results in the second quarter were impacted by clients pulling back, is poised for a similar drop, the people said.