Expenses, margins and provisions weighed on earnings
Wealth management profit was up by 24% on higher interest rates
Wealth management profits increased despite lower fee-based revenues
AUM, wealth management revenue dropped amid challenging market conditions
A key question for analysts will be how much banks are profiting from their loans
The firm also plans to migrate $14 billion of Aligned Capital assets to its in-house custody platform
Net inflows in retail wealth management dropped by 87%
Shareholders approved plan to spin off asset management business
Retail fund sales remained positive as customers sought cash-equivalent products
Interest and insurance revenue rose, corporate finance revenue dropped, fee revenue remained flat