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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