To comment, email tom.burroughes@wealthbriefing.com

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 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 , 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 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.