Big U.S. banks' wealth management businesses put in another stellar performance in the third quarter, buoyed by record levels of new money flowing into accounts and surging demand from clients to borrow against their investment portfolios.
While the COVID-19 pandemic devastated large chunks of the economy and put millions out of work, extraordinary government measures aimed at mitigating the economic blow have also boosted the fortunes of the wealthy by pushing down interest rates and driving a massive stock market rally.
"At the high net worth end of the spectrum, lending products have been very healthy and you're seeing that at firms like Morgan Stanley where wealth management loan balances are up over 30% year over year," said Devin Ryan, an analyst at JMP Securities. Bank of America's Merrill Lynch Wealth Management reported record revenues of $4.5 billion, up 19% over last year, while loan balances grew 10% to top $133 billion.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Khloe Kardashian Reacts to People Calling Daughter True 'Big'Khloe Kardashian doesn't want her daughter having the same body image issues that she's had in the past.
Baca lebih lajut »
Where Kim Kardashian and Kanye West’s Relationship and Divorce Stand After Their Big SNL Week Together“Kanye has told friends he’d give Kim whatever she wants, as he loves her,” a source said.
Baca lebih lajut »
‘Mister 8,’ ‘The Allegation’ Win Big at CanneseriesTwo half-hour gems, Finland’s “Mister 8” and Germany’s “The Allegation,” took top-honors on Wednesday night at this year’s Canneseries, now fully consolidated as one of Europe’s major TV festivals.…
Baca lebih lajut »
Big Tech to face another bipartisan antitrust billA bipartisan group of lawmakers, headed by Senators Amy Klobuchar, a Democrat, and Republican Chuck Grassley, plan to introduce a bill that would bar Big Tech platforms, like Amazon and Alphabet's Google, from favoring their products and services.
Baca lebih lajut »
The ‘Squid Game’ Effect: Non-English Content Is Big MIPCOM TrendThe global success of Netflix's Korean drama 'Squid Game' illustrates the growing strength of non-English-language programming worldwide.
Baca lebih lajut »
Big Tech to face another bipartisan antitrust bill in USBipartisan lawmakers plan to present a bill to bar technology giants, like Amazon and Alphabet’s Google, from favouring their services and products.
Baca lebih lajut »