Banking Crisis 2023

The firm saw profits halved over the past year and had a net loss of 98 advisors in the Americas last quarter. But its wealth unit brought in $28 billion of net new money.

The bank said the advisors and associates who left had managed under 20% of wealth management assets, as of the end of the first quarter.

The San Francisco bank, on shaky ground after two regional peers failed last month, said that customers pulled more than 40% of their deposits last quarter. It's been forced to turn to more expensive sources of funding, which analysts said will squeeze its profitability.

After the recent banking crisis, Schwab's stock may do better if the brokerage "de-banked," one analyst argues.

The outflows and expected losses this year at key businesses such as wealth and investment banking highlight the risks for UBS of its planned integration over the next four years.

Cultural differences with UBS, which is absorbing its Swiss rival, could push outflows even higher.

The giant financial institution's performance during the first three months of 2023 is being closely watched by the wealth management industry.

The megabank had another productive recruiting quarter in its wealth units, as it reported record first-quarter revenue Friday.

Startups were left reeling after SVB's failure. But there are challenges to serving young companies.

Analysts say the combined group could generate $7 billion in profits by 2027.