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.

More than $12.6 billion flows into equity exchange-traded funds in April, the most since January.

The giant custodian's parent company, BNY Mellon, is working on how best to help it work together with its other businesses, CEO Robin Vince said.

Wealth management lifted the firm's bottom line, as the unit's revenues rose 11% over the past year and it hauled in assets across multiple channels.

Although the bank's wealth businesses logged strong organic growth for the quarter, revenue fell and hiring languished after two strong quarters of headcount gains under then-president Andy Sieg's leadership.

CEO David Solomon sees potential for business in the wake of a merger involving two of its rivals for business among the ultrawealthy, he told analysts.

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

The firm followed rival wirehouses that no longer share their exact number of brokers, which is a critical metric for industry recruiting trends.

Though revenue growth remains a challenge, Citigroup is still committed to its global wealth management expansion plan, CEO Jane Fraser said Friday. Andy Sieg is joining the bank from Merrill Lynch in September as head of global wealth management.

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