Asset management units give banks a boost

The largest US banks reported year-on-year increases in revenues at their asset and wealth management units during the first quarter

A volatile first quarter led to mixed fortunes for the trading and investment banking businesses at the largest US banks, but one consistent bright spot emerged at each: asset management.

Bank of America, Goldman Sachs, JP Morgan Chase, Morgan Stanley, Citigroup and Wells Fargo reported year-on-year increases in revenues at their asset and wealth management units during the first quarter, helping cushion lower banking and trading revenues.

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