Wealth manager focused on building investment management teams
Revenues up 15%
Revenues drop 55% as markets tumble
Earnings will face pressure
Insurer suffered an overall net loss of $621 million in the third quarter
Insurer could take another charge of up to $500 million or more if global markets don’t rebound
Quarterly loss is the first for the insurer in two years
Lower loss provisions, improved trading volumes and investment activity
Low interest rates, volatile markets hit individual insurance and wealth management businesses
Bank taking steps to significantly reduce risk-weighted assets in investment banking