Global banks tone down expectations for Asia wealth business

Photo by Micheile Henderson on Unsplash

Wealth managers at the big global banks are tempering their expectations for Asia, their fastest-growing market, after China’s regulatory crackdown and COVID-driven slowdown helped to push clients to the sidelines, bankers and analysts said.

Some wealth managers have cut the credit they extend to rich clients, they said, while many clients have moved their money elsewhere or put it in cash as they assess the changes in China, as well as the Ukraine conflict and other global uncertainties.

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