Print this article
Summary Of Q1 2026 Financial Results In Wealth Management, Private Banking
Editorial Staff
29 June 2026
Here is a roundup of the major lenders' results for the first three months of 2026. The banks mentioned typically have some wealth management and private banking capabilities, although not all specify results. Goldman Sachs Mediobanca Looking forward, the bank is projecting its return on tangible equity to be 12 per cent this year, and over 13 per cent in 2028, with a cost/income ratio of about 60 per cent this year and below 56 per cent in two years’ time. AuM dipped to £51.6 billion at end-March versus the end of 2025 but were up from £47.8 billion a year before. NatWest Group Wealth and retail banking profit surged by 51 per cent to $981 million. Away from the wealth solutions side, other notable gainers were capital markets and advisory (rising 58 per cent), lending and financial solutions (up 14 per cent), and securities and prime services (up 17 per cent).
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 organizations 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.)
To comment, email tom.burroughes@wealthbriefing.com
JP Morgan
In asset and wealth management, net income was $1.8 billion, up 12 per cent while net revenue rose by 11 per cent to $6.4 billion, predominantly driven by growth in management fees on strong net inflows and higher average market levels, as well as higher brokerage activity. Assets under management (AuM) were $4.8 trillion, up 16 per cent, and client assets rose by 18 per cent to $7.1 trillion, driven by higher market levels and continued net inflows.
Wells Fargo
The wealth and investment management division of Wells Fargo reported net income of $468 million in the first quarter of 2026, rising from $349 million a year ago but falling from $565 million in the final quarter of 2025. Total client assets stood at $2.483 billion at the end of March,
Citigroup
The wealth arm of Citigroup, including its private banking business, logged $432 million in net income in the first three months of 2026, surging 126 per cent from the same period a year earlier and up 44 per cent from the preceding quarter. The wealth net income was driven by higher revenues and a lower provision for credit losses, partially offset by higher expenses. Total operating expenses rose 1 per cent to $2.415 billion. Client invested assets rose 14 per cent year-on-year to $676 million.
Citigroup said its wealth business logged $15 billion in net new investment assets in the latest down 11 per cent on a year before.
Bank of America
For global wealth and investment management, net income reached $1.3 billion, a rise of 32 per cent year-on-year, while revenue totaled a record of $6.7 billion, up 12 per cent. The increase was driven primarily by higher asset management fees, up 15 per cent to $4.2 billion, reflecting higher market valuations and strong AuM flows. Client balances amounted to $4.6 trillion, a rise of 10 per cent, driven by higher market valuations and positive net client flows. Average loans and leases stood at $262 billion, increasing by $30 billion, or 13 per cent.
Northern Trust
It reported a 34 per cent year-over-year rise in net income for the first quarter of 2026, reaching $525.5 million. Total revenue rose 14 per cent. Noninterest costs rose 6 per cent to $1.508 billion. Trust, investment and other servicing fees rose 11 per cent to $1.341 billion in Q1; other noninterest income rose 33 per cent to $210 million and net interest income rose 15 per cent to $661.6 million.
Wealth management AuM rose 11 per cent to stand at $1.287 trillion at the end of March; total AuM also rose 11 per cent to $1.784 trillion. Assets under custody stood at $14.8 trillion. Within the wealth management business, total wealth management trust, investment and other servicing fees rose 11 per cent to $1.34 billion; in the global family office arm, they also rose 11 per cent, to $114.9 million.
BNY
The market and wealth services arm reported pre-tax income of $961 million in the first three months of 2026, rising 18 per cent year-on-year, and doing so on an 11 per cent rise in revenues. Investment services fees in its wealth solutions business (which used to be called Pershing) rose 6 per cent to $544 million. Wealth solutions total revenue rose by 7 per cent to $783 million.
Within investment and wealth management, BNY said total revenue rose 6 per cent year-on-year to $825 million in Q1 2026; investment management fees rose 7 per cent to $785 million.
Morgan Stanley
The wealth management arm reported net revenues of $8.52 billion in the first three months of 2026, rising from $7.327 billion a year earlier. Total costs rose to $5.922 billion from $5.322 billion. Transactional revenues increased from a year ago driven by a broad-based increase in client activity across products. Fee-based assets stood at $2.792 trillion at the end of March. Net new assets were $118.4 billion in the first quarter, up from $93.8 billion a year earlier. Fee-based asset flows stood at $53.7 billion in Q1 2026, almost doubling from $29.8 billion a year earlier.
The firm reported a 10 per cent year-over-year rise in net asset and wealth management revenues to $4.08 billion for the first three months of 2026, although they declined by 14 per cent from the previous quarter. The increase compared with the first quarter of 2025 primarily reflected higher management and other fees, partially offset by lower net revenues in private banking and lending. Higher average assets under supervision were the main cause of the higher management and other fees.
The fall in private banking and lending fees was caused by lower deposit spreads related to its retail Marcus deposit accounts, partly offset by higher deposit balances. Incentive fees rose.
UBS
The bank reported a profit before tax of $3.841 billion and an underlying pre-tax profit of $3.990 billion, surging 80 per cent year-on-year and 54 per cent, respectively. Global Wealth Management net new assets for the quarter reached $37.4 billion, representing a 3.1 per cent annualized growth rate, with positive flows across all regions, supported by strong demand for the bank's discretionary mandates. Group invested assets were $6.9 trillion at the end of the quarter, with the effect of lower markets and changes to foreign exchange rates only partly offset by net asset inflows. Invested assets decreased sequentially by $85 billion to $4.668 trillion.
Among other details, global wealth management total revenues rose 11 per cent year-on-year to $7.106 billion, driven by higher recurring net fee income, transaction-based income and net interest income, partly offset by lower other revenues, and included a $40 million fall in purchase price allocation (PPA) effects and other integration items.
Deutsche Bank
The bank reported private banking pre-tax profit in the first quarter of 2026 of €681 million, a 39 per cent rise. Net revenues in this business segment rose 5 per cent to €2.567 billion; noninterest costs fell 2 per cent to €1.708 billion. The cost/income ratio of its private banking arm narrowed over the 12-month period to 66.5 per cent. AuM rose 10 per cent year-over-year to €694 billion, helped by a near doubling of net flows to €11 billion.
ABN AMRO
The bank’s net profit rose by 12 per cent year-on-year to €693 million. Wealth client assets were reduced by market volatility. The decline was “partly seasonal, similar to last year, and mainly caused by annual tax payments, but was less strong due to commercial actions.” Following its purchase of Germany-based Hauck Aufhäuser Lampe in 2024, the bank said that it was “on track” in its integration and has recorded the restructuring impact in the first quarter-figures. The number of full-time equivalent (FTEs) employees fell by 528 in the first quarter, with a moderation in the pace of reductions expected for the remainder of the year.
Vontobel
The Swiss firm logged SFr1.7 billion of net new money in the first three months of 2026, decelerating from SFr4.2 billion a year before. Total assets under management dipped to SFr240.1 billion at the end of March from SFr240.7 billion 12 months earlier. Within the private clients area, net new money was SFr1.3 billion, falling from SFr5.8 billion.
Julius Baer
Assets under management grew to a record SFr528 billion at the end of April, helped by SFr3 billion of net inflows in the first four months of this year. The rise in net new money disappointed investors, who sold the bank's shares; they fell 8.9 per cent in early-morning trade before paring losses slightly. Net new money rose at an annualized rate of 1.7 per cent, a slowdown from the annualized rate of 2.7 per cent that the bank logged for the second half of 2025. Julius Baer reconfirmed its net new money target of 4-5 per cent by 2028.
The Italian bank’s wealth management revenues dropped 8 per cent on a year earlier to €219m; fees rose 8 pet cent. Costs rose 1 per cent on the year and fell 10 per cent on the previous three months. The group logged a net profit for Q1 of €38 million.
Net new money recorded outflows totaling €1.1 billion, in line with the previous quarter, were due to bankers exiting previously, plus a slowdown in new recruits. The outflows regarded all components, but were concentrated in deposits in particular (over €700 million), and to a lesser extent in AuM (€311 million) and assets under administration (€86 million).
Societe Generale
Private banking saw net inflows of €2.8 billion in Q1, with annualized inflows representing 8 per cent of assets under management. Assets under management grew by 6 per cent year-on-year to a record €138 billion. Net banking income was €336 million for the quarter.
BNP Paribas
Group net banking revenue rose 8.5 per cent year-on-year in the first three months of 2026, reaching €14.06 billion, driven by positive operating performances in all three operating divisions, as well as the integration of AXA IM. Pre-tax income rose 8.7 per cent to €4.608 billion in Q1 2026. Net income stood at €3.217 billion, up 9 per cent on a year before. The Common Equity Tier 1 ratio – a standard international measure of a bank’s capital buffer – stood at 12.8 per cent at the end of March, up by 20 basis points compared with 31 December 2025 – well above regulatory requirements.
Credit Agricole
In wealth management, total AuM (CA Indosuez Wealth Management and LCL Private Banking) amounted to €299 billion at the end of March 2026, rising 7.4 per cent compared with March 2025 and 0.2 per cent compared with December 2025. For Indosuez Wealth Management, the quarter saw it acquire BNP Paribas’ Wealth Management customers in Monaco. At the end of March 2026, Indosuez Wealth Management’s AuM stood at €234 billion, rising 0.4 per cent compared with the end of December 2025, thanks to positive net inflows and the integration of BNPP’s portfolio in Monaco, and despite an unfavourable foreign exchange impact and market effect.
HSBC
On a reported basis, International Wealth and Premier banking revenues at HSBC stood at $3.749 billion in the third quarter of 2026, rising from $3.511 billion a year before, with pre-tax profit up to $1.231 billion from $1.188 billion. In constant currency terms, the pre-tax profit for this division was $1.231 billion, rising from $1.228 billion. The lender said it logged a total of $39 billion in net new money in the quarter at the IWPB business, of which the lion’s share – $34 billion – was in Asia. Total wealth balances were $1.57 trillion, of which Asia accounted for $1.068 trillion.
Lloyds Banking Group
The bank reported a first-quarter 2026 statutory pre-tax profit of £2.0 billion, up by £500 million from a year earlier, benefiting from higher total income. Underlying net interest income rose 8 per cent year-on-year to £3.6 billion, reflecting a higher banking net interest margin of 3.17 per cent, a rise of 14 basis points year-on-year.
Barclays
The private bank and wealth management arm reported pre-tax profit of £92 million in the first quarter of 2026, down from £113 million a year earlier. On an attributable basis, profit dipped to £73 million from £96 million. Net interest income held steady in Q1 at £204 million; net fee, commission and other income dipped to £143 million from £145 million. Total operating costs rose to £257 million from £236 million.
The private banking arm, principally the business of Coutts, reported that operating profit came in at £94 million in the first quarter of this year, up from £77 million a year before, but down from £107 million in the final three months of 2025. Total income rose to £291 million from £265 million; operating costs widened to £191 million from £187 million, the group, in the process of buying UK wealth manager Evelyn Partners, said.
The quarter-on-quarter fall in total income mostly reflected the non-repeat of adjustments relating to transactional fees and effective interest rate adjustment review of customer loan repayment behaviour in the final Q4 2025, as well as the impact of two fewer days in the quarter, partly offset by deposit margin expansion from strong hedge income. The year-on-year rise was largely driven by deposit margin expansion from strong hedge income and growth in assets under management and administration.
Standard Chartered
Operating income in the wealth solutions arm rose 34 per cent year-on-year in the first quarter of 2026 to $1.043 billion. Within that figure, investment products stood at $778 million (up 37 per cent), and bancassurance came in at $265 million (up 37 per cent).
DBS
Net profit in the first quarter of 2026 inched up by 1 per cent on a year before to S$2.93 billion. Total income reached a record of S$5.95 billion, led by wealth management performance, which drove fee income and treasury customer sales to new highs. The board declared an ordinary dividend of S$66 cents per share and a capital return dividend of S$15 cents per share for the first quarter. Expenses rose 4 per cent, led by higher staff costs, and profit before allowances was little changed.
OCBC
The wealth management businesses of the bank logged a rise in first-quarter 2026 fees at S$422 million, rising 34 per cent year-on-year and also higher than the Q4 2025 result of $363 million. (OCBC agreed to buy the Indonesian wealth business, fitting with the lender’s New Frontier strategy.) Wealth management income, comprising income from private banking, premier private client, premier banking, insurance, asset management and stockbroking, was S$1.48 billion, up 11 per cent year-on-yea; it contributed 39 per cent to the group’s total income, higher compared with 37 per cent a year before. Global consumer and private banking business accounted for 26 per cent of all operating profit in the quarter, rising from 23 per cent a year earlier.
UOB
The bank made S$1.4 billion in net profit for the first quarter of 2026, up 2 per cent quarter-on-quarter, but easing 4 per cent year-on-year, reflecting a softer operating environment following last year’s solid performance in the same quarter. The group’s first quarter performance was supported by the bank’s resilient franchise across its group retail, group wholesale banking and global markets businesses, notably in current account and savings account (CASA), wealth, card billings, loan growth and customer-related treasury income. Assets under management were down 1 per cent quarter-on-quarter at S$198 billion but up 5 per cent year-on-year.