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Weak markets hurt wealth management profits at big US banks
Published Tue, Apr 19, 2016 · 09:50 PM
New York
VOLATILE financial markets took a bite out of earnings at big US banks during the first quarter - not just in trading but wealth management, too.
On Monday, Morgan Stanley joined Wells Fargo & Co and Bank of America Corp in reporting weaker wealth management profits, citing less client activity and "an unfavourable market environment" - not to mention fewer trading days than the year-ago period.
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