FT News Briefing
Saudi Arabia puts outside consultants on notice
Mar 17, 2025
Major banks like HSBC and UBS are capitalizing on India's wealth management boom as gold prices surge amid tariff fears. Meanwhile, the consulting industry faces a shake-up in Saudi Arabia, where declining demand questions the value of expensive advisory services. U.S. retailers brace for tougher sales, and South Korea grapples with rising preschool enrollments pushing families into financial strain. The podcast dives into these shifting economic trends and their impacts worldwide.
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Quick takeaways
- HSBC and UBS are aggressively expanding their wealth management operations in India, capitalizing on the country's burgeoning millionaire population and competitive landscape.
- The consultancy boom in Saudi Arabia is slowing down as declining oil prices prompt major firms to re-evaluate their pricing strategies and project viability.
Deep dives
Wealth Management Growth in India
India's rapid economic growth has led to a significant increase in the number of millionaires, prompting banks like HSBC and UBS to expand their wealth management operations in the country. UBS is aiming to acquire shares in one of India's largest wealth management firms, while HSBC plans to double its branch presence. Amid this rising competition, local wealth managers are also capturing a growing client base, making the wealth management landscape increasingly competitive. The focus on India highlights the larger trend of global financial institutions seeking to tap into emerging markets with substantial wealth creation.
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