A summary of the main North America banks' financial results for the fourth quarter of 2024, and for the full year when disclosed, as they relate to wealth management and private banking.

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 institutions 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. To comment, email tom.burroughes@wealthbriefing.com

Goldman Sachs 
The asset and wealth management business arm reported a 16 per cent year-on-year rise in net revenues to $16.14 billion for the year ending December 31, 2024. Within a total net revenue figure of $53.5 billion (rising 16 per cent) for the whole of Goldman Sachs, some $34.5 billion was in the Americas – or 64 per cent of the total, $12.25 billion was in Europe, the Middle East and Africa (23 per cent), and $6.814 billion was in Asia (13 per cent). The rise in asset and wealth management was mainly caused by higher equity investment revenues and higher management and other fees

Citigroup
The wealth arm of Citigroup, which includes its private bank as well as the Wealth at Work and Citigold business lines, reported fourth-quarter 2024 net income of $334 million, up from $21 million a year before. For 2024, it stood at $1 billion, rising 139 per cent year-on-year. Revenues at the wealth business rose 20 per cent year-on-year to $2 billion; in 2024, they rose 7 per cent to $7.512 billion. Total operating costs fell 3 per cent to $1.57 billion on a year ago. Net credit losses fell 3 per cent to $30 million. Private bank revenues rose 9 per cent year-on-year to $590 million, mainly as a result of higher deposit spreads and higher investment fee revenues, partly offset by higher mortgage funding costs. 

Morgan Stanley
The wealth management arm reported a rise in net revenues for the fourth quarter of 2024 and the whole of that year. Q4 revenue rose to $7.478 billion from $6.645 billion a year before. For 2024, net revenue rose to $28.42 billion from £26.268 billion. Fee-based client assets stood at $2.347 trillion at the end of December 2024, from $1.983 trillion a year before. Net new assets rose to $56.5 billion in Q4 2024, up from $47.5 billion a year earlier. For all of 2024, net new assets were $251 billion, down from $282 billion in 2023.

Bank of America
The global wealth and investment management arm logged a year-on-year gain in net income at $1.171 billion in the fourth quarter of 2024, driven by a rise in net revenue of $6 billion from $5.23 billion a year earlier. Noninterest expenses in its wealth and investment business rose to $4.438 billion from $3.894 billion. There was a small ($3 million) provision against credit losses, against a net $26 benefit in Q4 2023. The rise in revenue was driven by a 23 per cent rise in asset management fees. Total client balances rose 12 per cent to $4.3 trillion; in Q4, assets under management flows were $22 billion, with $79 billion since the fourth quarter of 2023.

Inside its Bank of America Private Bank, AuM balances stood at $404 billion; and total client balances were $674 billion, with 720 net new relationships added in Q4 2024. The Merrill Wealth Management business held $1.5 trillion in AuM balances, and 3,900 net new households were added in the last quarter.

BNY 
The market and wealth services arm logged a 28 per cent year-on-year rise in pre-tax income in the fourth quarter of 2024, reaching $806 million. This was driven by a rise in total revenue from $1.496 billion to $1.667 billion. Noninterest expense rose slightly on a year ago, to $852 million in Q4 2024.

Within its business lines, the Pershing business reported a 5 per cent rise in total revenue to $705 million. The rise in Pershing’s revenue stemmed from higher market values and client activity, partly offset by a drop in net interest income. Inside its securities services business segments, total investment services fees rose 6 per cent year-on-year to $1.34 billion. Pre-tax income surged 39 per cent to $643 million. At the end of 2024, assets under custody/administration stood at $37.7 trillion, a rise of 10 per cent from the end of 2023.

Wells Fargo
Its wealth and investment management business, which includes its private banking arm, reported net income in the fourth quarter of 2024 of $508 million, up from $491 million a year before. Total revenue in this part of the California-headquartered bank was driven by revenues of $3.958 billion in Q4, versus $3.66 billion a year earlier. Noninterest costs rose 9 per cent year-on-year to $3.307 billion. Provision for credit losses widened to $27 million from $19 million. Total client assets stood at $2.293 trillion at the end of December 2024, up from $2.084 trillion a year earlier.

Northern Trust
Net income at Northern Trust rose sharply in Q4 2024 to $455.4 million vs $113.1 million a year earlier. Total revenue dipped to $1.97 billion from $1.975 billion. Trust, investment and other servicing fees rose on a year earlier. Total assets under management rose 12 per cent at the end of 2024 from a year before, reaching $1.61 trillion. Within that figure, wealth management AuM was $450.7 billion, up 12 per cent; asset servicing AuM rose to $1.159 trillion, also up 12 per cent.