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Adverse market conditions hurt UBS APAC WM and HSBC WPB 1Q22 results

Announcing their 1Q22 results on Tuesday, HSBC and UBS revealed the impact of the pandemic on their wealth management businesses in Asia. Not a good quarter for APAC WM business: UBS For UBS Global Wealth Management (GWM), its 1Q22 profit before tax (PBT) posted healthy gains in Switzerland (+30% YoY) and EMEA (+21% YoY), but fell 38% YoY in APAC…

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