Wealth

Manulife cuts 2.5% of staff in wealth and asset management unit
Manulife cuts 2.5% of staff in wealth and asset management unit
October 30, 2024
Manulife Financial has cut hundreds of jobs in its global wealth and asset management business, representing about 2.5 per cent of the division’s staff. The move was made “in an...
Bernard Arnault’s US billion wealth loss comes as luxury dims in China
Bernard Arnault’s US$37 billion wealth loss comes as luxury dims in China
October 16, 2024
EIGHTEEN months ago, LVMH shares were trading at a record high and the group’s controlling shareholder, Bernard Arnault, was the world’s wealthiest person.Fast forward to Wednesday (Oct 16) and...
Morgan Stanley widens gap as banks’ wealth units add US trillion
Morgan Stanley widens gap as banks’ wealth units add US$5 trillion
October 16, 2024
MORGAN Stanley’s record quarter in wealth management capped a banner period for one of Wall Street’s most-profitable businesses. Client assets at retail brokerage Charles Schwab and the wealth arms...
HSBC probes China Pinnacle wealth business on costs and control: sources   
HSBC probes China Pinnacle wealth business on costs and control: sources   
October 14, 2024
HSBC Holdings is reviewing expenses and operational controls at its China digital wealth business Pinnacle, in a move that could result in layoffs and mark an abrupt reversal of...
Qatar wealth fund to merge domestic fibre network with cable business
Qatar wealth fund to merge domestic fibre network with cable business
October 2, 2024
This comes as gulf states aim to diversify their economics away from hydrocarbonsQATAR’S sovereign wealth fund said on Wednesday (Oct 2) that it plans to merge the telecommunications businesses...
LVMH chief Arnault wins big on China stimulus with US billion wealth surge
LVMH chief Arnault wins big on China stimulus with US$17 billion wealth surge
September 27, 2024
BERNARD Arnault entered Thursday (Sep 26) having lost more wealth this year than any other billionaire, with his luxury-goods fortune slumping by US$24 billion.Then China’s top leaders gave the...
UBS in talks on Indian minority-owned wealth joint venture, sources say
UBS in talks on Indian minority-owned wealth joint venture, sources say
September 27, 2024
This may be the second country in the Asia-Pacific region where UBS enters an equity partnership with a local playerUBS has been in talks to form an Indian wealth...
UBS in talks on Indian minority-owned wealth joint venture, sources say
UBS in talks to form Indian minority-owned wealth joint venture, sources say
September 27, 2024
This may be the second country in the Asia-Pacific region where UBS enters an equity partnership with a local playerUBS has been in talks to form an Indian wealth...
Citibank to close last branch in Singapore in October amid shift to wealth hubs
Citibank to close last branch in Singapore in October amid shift to wealth hubs
September 26, 2024
CITIBANK will close its last branch in Singapore as it focuses on serving customers online and advising affluent clients at its wealth hubs.The US bank will on Oct 12...
China billionaire’s 6-billion yuan supermarket deal with Giant owner, JD.com sees swift wealth wipeout
China billionaire’s 6-billion yuan supermarket deal with Giant owner, JD.com sees swift wealth wipeout
September 25, 2024
UNTIL recently, China’s budget retail billionaire Ye Guofu had been on a roll, building his fortune as his stores proved a hit in the nation’s slowing economy. Then his...