One of the large US financial institutions that is also a major wealth management force issued quarterly and full-year 2025 figures this week.

Morgan Stanley yesterday reported 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, Morgan Stanley said. For all of 2025, it logged $356 of new 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, the firm reported.

Across the whole firm, Morgan Stanley said its Common Equity Tier 1 ratio, on the standardized measure of a bank’s shock absorber capital, was 15 per cent, down from 15.9 per cent a year before. Using the advanced CET1 measure, it rose to 16.1 per cent from 15.7 per cent.