The second quarter financial results of the SunTrust Bank on Friday revealed that the wealth management businesses faced a slowdown in revenue growth.
The revenue from the Bank's trust and investment management services dropped eleven percent to $75 million compared to $84 million last year same quarter. Revenue in Q2 remained flat compared to the earlier quarter.
During the earnings report the parent of the Atlanta, Georgia based bank explained that the eleven percent drop on year on year basis mainly resulted from decline in assets under management.
When the second quarter ended, assets under management for the trust and investment management business was $40.5 billion which is a five percent drop compared to last year same time.
In the first half of the year, trust and investment management generated revenue of $150 million which is a notable eleven percent drop from last year's $168 million for the same period.
Revenue of the retail brokerage unit was not very heartening for Q2, slipping ten percent compared to last year's $72 million. However, when compared to the first quarter of the year, revenue climbed for percent.
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