The Asia wealth management unit at Citi dragged the global business lower as the region experienced a challenging investment environment.
Citi’s global wealth management business posted revenues of $1.7 billion in the fourth quarter of 2022, according to a release, down 6 percent compared to $1.8 billion in the same period in 2021.
This was driven in no small part by a slowdown in Asia where wealth management revenues fell 19 percent to $457 million in the quarter. When excluding the region, Citi registered flat global wealth revenues at $1.2 billion.
«[I]nvestment product revenue headwinds more than offset net interest income growth from the higher interest rates, particularly in Asia,» the bank said.
