Private banking industry is in ‘upheaval’ – UBS’s Zeltner

UBS AG’s Juerg Zeltner, head of the firm’s wealth-management unit, said turbulent financial markets are creating “upheaval” for the private-banking industry. “Those who wish to preserve or increase their wealth cannot count on rising markets,” Zelter, chief executive officer of the Zurich-based wealth business, wrote today in Le Temps newspaper….