Earnings for Merrill Lynch Wealth Management and Private Bank jumped 28% in the quarter.

A drop in non-interest revenue across businesses offset higher income driven in part by Citi’s Personal Banking and Wealth Management division.

Higher interest rates, higher deposit and loan balances drove significant growth for the wirehouse this quarter.

The megabank’s RIA and brokerage segment weathered equity volatility that wiped out $28 billion from the value of client assets in the first quarter.

After ending 2021 with record results, 2022’s first quarter was full of ups and downs.

As CEO Jamie Dimon faced questions about a potential recession, the firm’s wealth management units displayed continuing headcount growth.

The company reported revenue of about $4.7 billion for the three months ended in March, slightly below analyst estimates of about $4.8 billion for the period.

The Swiss lender is looking to boost shareholder returns

The brokerage sustained a net loss of hundreds of brokers last year after a pause in hiring during the coronavirus, according to its annual report.

Eight RIA acquisitions and two minority investments added $49 billion in client assets to the Toronto-based firm’s U.S. platform in Q4.