Here is a roundup of the major lenders' results for 2025, including the fourth quarter figures. The banks mentioned typically have some wealth management and private banking capabilities, although not all specify results.

The results focus on the largest institutions which provide wealth management. Not all banks report on a calendar year schedule, or on the same day, and not all the organisations are alike, so the results from standalone institutions should be viewed differently from wealth management results embedded within a larger group. These results may be subsequently revised. We hope readers find it useful to see these figures collated in one article and can make a few comparisons. (Note that currency conversions made at the time into the dollar for non-US banks have been removed, as exchange rates will have changed.)

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JP Morgan
It reported net revenue of $45.8 billion for the fourth quarter of 2025, up from $42.8 the previous year. Managed net revenue reached $46.8 billion for the fourth quarter, up from $43.8 the previous year. Net income reached $14.7 billion, excluding a significant item, while assets under management (AuM) totaled $4.8 trillion, up 18 per cent year-on-year.

For the asset and wealth management arm, net income was $1.8 billion in Q4 2025, up 19 per cent on the previous year. Net revenue was $6.5 billion, up 13 per cent per cent predominantly driven by growth in management fees on higher average market levels and strong net inflows, as well as higher performance fees. Assets under management were $4.8 trillion, up 18 per cent, and client assets were $7.1 trillion, up 20 per cent, driven by higher market levels and continued net inflows.

Morgan Stanley
It logged net revenues of $17.9 billion for the fourth quarter ended December 31, 2025 compared with $16.2 billion a year ago.

Net income applicable to Morgan Stanley was $4.4 billion, or $2.68 per diluted share, compared with $3.7 billion, or $2.22 per diluted share, for the same period a year ago. For all of 2025, net revenues were $70.6 billion versus $61.8 billion a year ago. 

In the wealth management arm, it delivered record full-year net revenues of $31.75 billion, up from $28.4 billion a year before. Fee-based client assets stood at $2.753 trillion at the end of December last year, aided by $45.6 billion of fee-based asset flows, and $122.3 billion of net new inflows in the quarter. For all of 2025, it logged $356 of new assets, and $160 billion of fee-based asset flows. Wealth management AuM stood at $1.895 trillion at the end of 2025, rising from $1.666 trillion at end-2024.

Goldman Sachs
The group made a 20 per cent year-on-year rise in net earnings for 2025 reaching $17.2 billion, driven by a 9 per cent rise in total revenues, at $58.3 billion. Total operating costs rose 11 per cent to $37.54 billion.

Within the asset and wealth management side, net revenues rose slightly, up 2 per cent on a year before, to $16.679 billion. Within that total, private banking and lending revenues rose by 16 per cent, to $3.347 billion. Management and other fees rose by 11 per cent, and incentive fees rose by 24 per cent. The only down note in 2025 was from the investments category, sliding 50 per cent to $1.3 billion, the firm said. That decline was mainly caused by losses in public equities compared with net gains in 2024 and significantly lower net gains from investments in private equities.

Wells Fargo 
The group said its wealth management fourth-quarter 2025 net income rose 29 per cent on a year ago to $656 million, on a 10 per cent rise in net revenue.

Net interest income rose 16 per cent to $993 million; noninterest income rose by 9 per cent to $3.367 billion. There was a $9 million provision for credit losses, contrasting with a $27 net release from a year before. Total client assets stood at $2.509 trillion at the end of December 2025, a rise of 9 per cent.

Citigroup
The US bank reported revenues of $19.9 billion in the fourth quarter 2025, an increase of 2 per cent compared with the previous year, driven by growth in banking, services, wealth and personal banking. Excluding the Russia-related charge concerning Citi’s plan to divest its Russian operations, revenues were up 8 per cent.

Net income for Q4 2025 fell 13 per cent to $2.5 billion, compared with net income of $2.9 billion the previous year, as expenses rose. It was also due to a $1.1 billion after-tax loss tied to the sale of its Russian business. Excluding the Russia-related item, net income was $3.6 billion.

Earnings per share of $1.19 fell from $1.34 per diluted share in the prior-year period, reflecting lower net income, partially offset by a lower share count due to share repurchases. 

Bank of America 
The bank reported that net income rose 12 per cent to $7.6 billion in the fourth quarter of 2025, ahead of forecasts, compared with $6.8 billion the previous year. Diluted earnings per share amounted to $0.98 compared with $0.83, up 18 per cent. Revenue, net of interest expense, totaled $28.4 billion, up 7 per cent on 2024, reflecting higher net interest income (NII), asset management fees, and sales and trading revenue. 

For the global wealth and investment management arm, net income reached $1.4 billion in Q4 2025, up from $1.17 billion the previous year. Revenue totaled $6.6 billion, up 10 per cent, from $6 billion. The increase was driven primarily by higher asset management fees, up 13 per cent to $4.1 billion, reflecting higher market valuations and strong assets under management (AuM) flows. Client balances totaled $4.8 trillion, up 12 per cent, driven by higher market valuations and positive net client flows. Average loans and leases reached $257 billion, up $28 billion, or 12 per cent. The firm also added ~21,000 net new relationships across Merrill and Private Bank in 2025, ~$2.2 trillion of AuM balances, up 16 per cent. 

BNY
The markets and wealth services arm clocked up total pre-tax income in the fourth quarter of 2025 at $882 million, rising 9 per cent on a year earlier. Total revenues in this division rose by 8 per cent, while noninterest costs rose 9 per cent.

Within the various business lines of this division, the Pershing arm – which provides custody and other services for groups including wealth managers – logged a 5 per cent year-on-year revenue rise, to $741 million in Q4 2025, BNY said earlier this week. 

BNY said that Pershing’s year-over-year revenue increase primarily reflected higher net interest income and market values, partially offset by lower client activity.

Turning to its investment and wealth management business, total revenue dipped 2 per cent year-over-year to $854 million; investment management fees rose 1 per cent to $793 million. Pre-tax operating margin narrowed to 17 per cent from 20 per cent in Q4 2025 from a year before. 

Northern Trust 
Northern Trust reported $466 million in net income in the fourth quarter of 2025, rising 2 per cent year-over-year. Wealth management assets under custody/administration reached $1.297 trillion at the end of December 2025, rising 13 per cent. Wealth management assets under management rose 13 per cent to $507 million.

On the trust, investment and other servicing fees side, the wealth side generated a 6 per cent year-over-year rise to $577.8 million in the fourth quarter of last year.

UBS
It reported a 9 per cent rise in total revenues in the fourth quarter of 2025 in its global wealth management arm, reaching $66.95 billion, pushed higher by higher recurring net fee income, transaction-based income and other revenues. The gain was partly offset by lower net interest income and included a $65 million fall in decrease in effects of UBS’s 2023 purchase of Credit Suisse, and other integration items. When such effects ($135 million) and a $20 million loss linked to an investment in associate are considered, underlying total revenues rose by 11 per cent year-over-year. Invested assets increased sequentially by $39 billion to $4.753 trillion. Net new assets were $8.5 billion.

Julius Baer
The Swiss bank reported a net profit on IFRS accounting standards of SFr764 million for 2025, falling from SFr1.02 billion a year ago, due to various one-off effects. On an underlying basis, pre-tax profit rose 17 per cent year-on-year to SFr1.266 billion. The one-time effects included the non-recurring release of tax provisions in 2024, the SFr99 million net impact from the completion of the sale of the domestic Brazilian business, Julius Baer Brasil Gestão de Patrimônio e Consultoria de Valores Mobiliários (Julius Baer Brazil), in March 2025, and net credit losses of SFr213 million booked during 2025.

Assets under management rose by 5 per cent to SFr521 billion, supported by SFr14.4 billion in net new money.

Pictet 
Pictet reported a rise in assets under management and consolidated profit in 2025. It posted an operating result of SFr846 million for the full year 2025, up 3.7 per cent from year-end 2024, leading to consolidated profit of SFr667 million. Operating income reached SFr3.21 billion, a year-on-year increase of 1.5 per cent.

Assets under management or custody rose 4.5 per cent to a record SFr757 billion, compared with SFr724 billion the previous year. Net new money totalled SFr19 billion in 2025.

Lombard Odier 
Lombard Odier reported that total client assets reached SFr349 billion in 2025, an increase of 6.5 per cent year-on-year. Assets under management (AuM) rose to a record of SFr223 billion at the end of December 2025, compared with SFr215 billion in 2024, lifted by net new money and investment performance. Full-year net profit rose by 12 per cent year-on-year to SFr200 million. Operating income in 2025 increased by 4 per cent year-on-year to SFr1.394 billion, driven by a rebound of fees and commissions revenues.

Vontobel
The Swiss financial services group logged a group net profit of SFr280.1 million for 2025, rising from SFr266.1 million from a year before. The results benefited from a year-on-year gain in operating income and slight cut in costs for the reporting period. Within the private client segment, Zurich-listed Vontobel said it logged SFr1.07 billion in operating income, rising from SFr1.02 billion. Assets under management stood at SFr240.7 billion at the end of December last year, rising from SFr229.1 billion at the end of 2024.

EFG International 
The bank reported a net profit under IFRS accounting standards of SFr325.2 million for 2025, rising 1 per cent on a year earlier. Operating profit rose by 26 per cent year-on-year to SFr493.1 million, which the group said was “driven by strong operating performance with disciplined execution throughout the year.” 

Union Bancaire Privée 
UBP reported a 19.5 per cent year-over-year rise in client assets for 2025, reaching SFr184.5 billion, buoyed by its acquisition of businesses from Societe Generale. When measured in dollar terms, assets surged by 36.7 per cent to $232.9 billion. The private bank’s group profit rose 4.4 per cent to SFr268.6 million for 2025.

Deutsche Bank
The bank reported a fourth-quarter 2025 pre-tax profit of €2.027 billion, surging from €583 million a year earlier. On an attributable basis, the figure was €1.298 billion, soaring from €106 million. Total revenues in Q4 2025 rose 7 per cent, and provisions for credit losses dropped by 6 per cent on the same quarter a year earlier. Noninterest costs fell 15 per cent year-on-year to €5.304 billion. For all of 2025, net revenues rose 7 per cent to €32.1 billion, matching Deutsche’s ambitions. The bank logged net inflows of €78 billion last year, with assets under management in its private bank and asset management arm rising by €124 billion.

ABN AMRO
The Dutch bank reported that its fourth-quarter 2025 profit rose 3 per cent year-on-year to €410 million. For the whole of last year, profit declined 6 per cent to €2.252 billion. Operating income rose 1 per cent to €2.259 billion; for 2025, it dipped 2 per cent, the bank said in a statement. Operating costs fell 2 per cent in the quarter on a year ago and rose 3 per cent in 2025.

Societe Generale
Private banking activities saw net inflows of €600 million in the fourth quarter of 2025, and annualised Q4 25 inflows represented 2 per cent of assets under management. AuM grew by +9 per cent on a year ago to a record of €137 billion. Net banking income amounted to €320 million for the quarter, rising 12.1 per cent.

BNP Paribas
Wealth management achieved strong growth in assets under management, driven by a favourable market and strong asset inflows (€21.7 billion of inflows in 2025, of which €1.5 billion was in 4Q25). This quarter featured the initial contribution of HSBC Wealth Management activities in Germany (revenues about €10 million).

At group level, net income rose 28 per cent year-on-year to €2.972 billion in the fourth quarter of 2025; for the whole of last year, the figure rose 4.6 per cent to €12.2 billion.

Banca Monte dei Paschi di Siena
MPS said its gross operating profit for 2025 amounted to €2.653 billion. Excluding the contribution from the Mediobanca Group, gross operating profit was €2.19 billion, rising from €2.16 billion in the previous year. The bank recently took full control of Mediobanca, another Italian lender.

Commerzbank
The Germany-headquartered bank said it notched up a record operating result in 2025, rising 18 per cent to €4.5 billion. The net result was €2.6 billion, ahead of target, despite restructuring costs. 

UniCredit
The Italy-headquartered group said it made a €10.6 billion net profit, up 14 per cent year-on-year, with a return on tangible equity of 19.2 per cent.

HSBC
It made a pre-tax profit for 2025 of $29.9 billion, falling from $32.3 billion a year before. The decline was mainly due to a $4.9 billion impact from notable items. Those items included $2.1 billion of dilution and impairment losses.
Within the international wealth and corporate banking division, HSBC logged pre-tax profit, on a constant currency basis, of $4.367 billion in 2025, rising 14.6 per cent on the year before. This division accounted for 12.3 per cent of the total profit. 

Barclays
The UK lender’s private bank and wealth management arm reported a pre-tax profit of £375 million in 2025, down 2 per cent on a year earlier. In the fourth quarter of last year, the figure was £50 million, a 42 per cent year-on-year fall. Net new assets under management were £3.3 billion in 2025, down from £3.7 billion a year before; total AuM rose to £52.9 billion from £47.7 billion. 

Lloyds Banking Group 
The bank reported a statutory pre-tax profit of £6.66 billion for 2025, rising 12 per cent year-on-year helped by a rise in net income over the period.

NatWest Group
Operating profit in the wealth division stood at £394 million last year, up from £264 million a year earlier. In the fourth quarter of last year, profit was £107 million, up from £75 million. Assets under management and administration (AuMA) rose to £58.5 billion last year from £48.9 billion.

Standard Chartered
The wealth solutions division reported that it logged $3.09 billion in operating income for 2025, rising 24 per cent on a year earlier. For the final three months of last year, operating income rose 20 per cent to $677 million. The rise in its wealth solutions income was driven by a 28 per cent gain in investment products income and 12 per cent increase in bancassurance. New client arrivals at its affluent banking proposition were a positive force, with 275,000 clients onboarded in 2025, and $52 billion of affluent net new money, equivalent to 14 per cent growth of assets under management.

Royal Bank of Canada
It reported record net income of C$5.8 billion for the quarter ending 31 January, rising by $654 million or 13 per cent from the prior year. Diluted earnings per share rose 14 per cent over the same period, aided by wealth management, personal banking and capital markets, partly offset by lower insurance results. Within wealth management, net income increased C$315 million in the quarter, or 32 per cent from a year ago.

DBS
The Singapore-headquartered group announced a pre-tax profit of S$6.274 billion for the second half of last year, slipping 2 per cent on a year earlier; for all of 2025, profit rose 1 per cent to S$13.1 billion. Commercial book net fee income rose 18 per cent in the second half of 2025, year-on-year, to $2.46 billion. The increase was “broad-based and led by wealth management fees,” which rose 28 per cent to $1.44 billion from growth in investment products and bancassurance. For all of 2025, wealth fees and commission income rose 29 per cent to S$2.814 billion.

OCBC
Net profit was S$7.42 billion for the full year of 2025, down 2 per cent the record S$7.59 billion in the previous year. Pre-tax profit rose 2 per cent.

The group’s wealth management income, comprising income from private banking, premier private client, premier banking, insurance, asset management and stockbroking, grew 14 per cent to a record S$5.60 billion. Group wealth income accounted for 38 per cent of total income.

United Overseas Bank 
Net profit fell by 23 per cent in 2025 on 2024 levels to S$4.7 billion. This was largely due to the pre-emptive general allowances that the group set aside in the third quarter of 2025 to strengthen provision coverage amid growing macroeconomic uncertainties.