UBS CEO Warns First Quarter 'One of the Worst' in Recent Memory

The video discusses the downturn in investment banking and IPOs, particularly outside the US, and the impact of market volatility on wealth management. Wealthy clients are holding cash, affecting revenue streams. US investment banks are benefiting from M&A and IPO activities, unlike their global counterparts. UBS, known for its wealth management, faces challenges due to a 9% decline, despite its global reach and focus on banking billionaires.

What challenges is UBS facing in its wealth management business?

How has the number of billionaires affected the global reach of banks like UBS?