RETAIL BANKING | Staff Reporter, Singapore

Weekly Global News Wrap Up: UBS wealth management underperforms in Q1; Embattled Wells Fargo faces shareholders and protestors

And Nigeria’s central bank has injected $210m into the interbank foreign exchange market.

From Reuters: Swiss bank UBS disappointed investors on Monday with first-quarter results that revealed strong earnings at its investment bank, while its flagship wealth management business missed forecasts. UBS’s wealth business, which was merged into one global division this year, netted 19 billion francs in new money but fell short of expectations with pre-tax operating income of 1.13 billion francs. Wealth management’s disappointing performance, plus its higher costs and UBS’s cautious outlook, put pressure on the bank’s shares which fell as much as 4 percent. 

From CNBC: Wells Fargo executives and board members faced shareholders and protestors Tuesday at the company's annual meeting in Des Moines, Iowa. Protestors with signs were said to have been asked to leave the hotel where the meeting is taking place, according to accounts on Twitter. Tim Sloan, the bank's CEO, said rebuilding trust is their "top priority." "Work is well underway to address the risk-management issues we have at our company."

From Reuters: Nigeria’s central bank said on Tuesday it had injected $210 million into the interbank foreign exchange market, extending efforts to improve liquidity and alleviate dollar shortages. The bank said in a statement it had released $100 million earmarked for the wholesale market, $55 million for small businesses and individuals, and $55 million for certain dollar expenses such as school fees and medical bills.

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