UBS Cements Lead As Largest Private Bank, Assets Near $2 Trillion: Study

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UBS Cements Lead As Largest Private Bank, Assets Near $2 Trillion: Study

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UBS Cements Lead As Largest Private Bank, Assets Near $2 Trillion: Study

by Wochit 0:40 mins

UBS Cements Lead As Largest Private Bank, Assets Near $2 Trillion: Study

by Wochit 0:40 mins

UBS cemented its lead over U.S. brokerage Bank of America as the world's largest private bank and is within striking distance of managing $2 trillion on behalf of the wealthy. The study by London-based wealth management consultant Scorpio Partnership found that Morgan Stanley, Credit Suisse and Royal Bank of Canada rounded out the top five overall. UBS is nearly two years into a plan to cut back on riskier debt trading activities and put its private banking arm at the heart of its strategy, a move it says will drive returns for shareholders.

Wochit

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