(Reuters Breakingviews) - The world’s biggest banks are stirring up a new lendin...
CEO Sergio Ermotti of Swiss bank UBS gestures as he attends the company's annual shareholder meeting in Basel, Switzerland May 2, 2019.
A global transparency push forced the wealth management industry to kick the lucrative habit of hiding clients’ assets from tax authorities. Now rock-bottom interest rates are making it harder to deliver positive returns. That’s putting pressure on fees and squeezing profit margins. UBS’s private bank had extended $176 billion to wealthy clients at the end of September. That’s equal to 7% of the $2.5 trillion in assets it looks after. New global wealth management co-head Iqbal Khan, who previously cranked up lending at rival Credit Suisse, looks set to go further. Some executives reckon private banks could comfortably extend credit worth up to 15% of the assets they manage.
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