Ameriprise's wealth management business reported a 2% year-over-year fall in net revenues during the second quarter. At the same time companywide revenues were down 4%. The regional brokerage blamed lower client activity levels and below average equity markets for its poor results. Clients are being cautious over their investment activities, says Jim Cracchiolo, Ameriprise's CEO.
Profits for this segment recorded a slight growth of 0.45% to $221 million. Ameriprise attributes this to higher earnings on cash balances and growth in assets. This, however, was not enough to offset lower client activity levels in the second quarter.
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