Relationship managers at UBS, Credit Suisse and HSBC in Asia are likely to be under more pressure after disappointing first quarter results that have put the recent boom in private banking hiring under the spotlight.
At Credit Suisse, Asia Pacific assets under management (AUM) fell 9% year-on-year to CHF266.2bn ($237bn) in the opening quarter. At HSBC, which makes most of its profit from Asia, revenue in the global private bank was down 3% to $464m.