Wealth / PB Review 1Q24

The aggregated revenue of the banks in this report totalled $41bn in 1Q24, 11% ahead of 1Q23. Revenue growth was driven by $10m+ clients: up 17% y/y, versus a more modest 4% for sub-$10m clients. This primarily reflects strong market valuations – the dominant driver of the healthy growth in Net New Assets – and an increase in clients’ demand for high-end discretionary services. Banks with established cross-border advisory – especially on structured products – outperformed. As the confidence in markets returned, transaction revenues surged. Net interest income for the peer group was unchanged from 1Q23. However, adjusted for changes

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