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Some of the bank's wealth management clients have recently become concerned aboutCredit Suisse's turnaround, two people familiar with the discussions told Reuters, and some have been moving funds, according to one of the people. The division is expected to be the centerpiece of the bank's turnaround plan.
As with other large banks, Citigroup's profits were bolstered by a good performance in its investment banking and trading businesses, as well as the release of $3.9 billion in reserves set aside for bad loans.
The fintech company, a registered financial planning consultancy, has now expanded to selling mutual funds through the acquisition of Invisee and is planning further expansion to insurance products.
Regulators on Monday announced the kick off of a long anticipated program dubbed Wealth Management Connect, which will allow residents of Hong Kong and Macao special administrative regions and those living in nine cities on the mainland to buy financial products in each other’s markets.
