A summary of the main North America banks' financial results for the second quarter and first half of 2025, as they relate to wealth management and private banking.

The results focus on the largest institutions which provide wealth management. (See our roundup of Q1 2025.)

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 to make a few comparisons. To comment, email tom.burroughes@wealthbriefing.com

JP Morgan
In the asset and wealth management business, net income rose to $1.473 billion from $1.263 billion a year earlier; provision for credit losses rose to $46 million from $20 million; noninterest costs rose to $3.733 billion from $3.543 billion; net revenue rose 10 per cent year-on-year. 

Assets under management were $4.3 trillion, rising 18 per cent, and client assets were $6.4 trillion, up 19 per cent. These increases were each driven by continued net inflows and higher market levels.

Wells Fargo
It announced a 2 per cent year-on-year dip in second-quarter net income to $480 million for its wealth management arm, with a rise in total revenue not quite offsetting a rise in costs and a small shift in provision for credit losses. Net interest income stood at $891 million in Q2, down from $906 million a year earlier; noninterest income rose to $3 billion from $2.952 billion. 

The wealth side of the bank logged a $12 million provision for credit losses, against a net release of $14 million a year earlier. Total client assets rose to $2.346 trillion at the end of June, up from $2.2 trillion.

Morgan Stanley
Wealth management reported net revenue of $7.8 billion in the second quarter of 2025 by adding new assets and collecting more fees, up 14 per cent from a year earlier. Net interest income totaled $1.9 billion, flat from the first quarter of 2025 and up 6 per cent from the second quarter of 2024. Profit before taxes reached $2.2 billion, up 13 per cent from the previous quarter, and an increase of 21 per cent from the second quarter of 2024. There was a pretax margin of 28 per cent, compared with 27 per cent in the first quarter of 2025.

Total client assets of $8.2 trillion across Wealth and Investment Management approached the goal of $10 trillion in assets set by former CEO James Gorman, supported by net new assets of $59 billion. Wealth Management attracted fee-based assets through the firm’s client acquisition funnel. Fee-based flows were $43 billion.

Bank of America
The group reported that its Global Wealth and Investment Management (GWIM) division – which includes the private bank and Merrill businesses – delivered net income of $993 million for the three months ending June 30, 2025. This figure was slightly down from $1.026 billion a year earlier.

Total revenue in the division rose to $5.937 billion, up from $5.574 billion a year ago. Noninterest expenses increased to $4.593 billion from $4.199 billion, while the provision for credit losses rose to $20 million from $7 million.

Within Bank of America Private Bank, it reported $700 billion in client balances, including $423 billion in assets under management (AuM). The bank added a record 435 net new relationships during the quarter with clients each holding $3 million or more in investible assets.

In the Merrill Wealth Management business, the firm reported $3.7 trillion in client balances and $1.6 trillion in AuM. Merrill added approximately 6,300 net new households in the second quarter. Combined, the two wealth units added around 7,100 net new client relationships and reported approximately $2.0 trillion in AuM, reflecting a 13 per cent year-over-year increase.

Goldman Sachs
It reported second-quarter 2025 net revenues of $14.58 billion – 15 per cent higher than the same period a year ago – and net earnings of $3.72 billion, up 22 per cent year. It  logged private banking and lending fees of $1.514 billion in Q2 2025, up 9 per cent on a year earlier. Management and other fees in asset and wealth management rose 10 per cent to $5.508 billion. Total net revenues in asset and wealth management dipped 3 per cent in Q2 2025 to $7.457 billion. The 3 per cent decrease compared with the second quarter of 2024 reflected significantly lower net revenues in both equity investments and debt investments, partially offset by higher management and other fees.

Citigroup 
Wealth revenues of $2.2 billion represented a rise of 20 per cent on a year earlier, driven by growth across its Citigold, private bank and Wealth at Work channels. Net interest income stood at $1.3 billion in Q2 2025, rising 22 per cent, helped by higher deposit spreads, partially offset by lower mortgage spreads and lower deposit balances. 

Noninterest revenue in the wealth side was $888 million, rising 17 per cent, driven by a gain on the sale of an alternative investments fund platform and higher investment fee revenues, with client investment assets rising 17 per cent. Private bank revenues of $731 million increased by 20 per cent.

BNY
The group reported a 22 per cent jump in its second-quarter 2025 net income as applicable to common shareholders, with total revenues rising 9 per cent year-over-year and net interest income rising 17 per cent. Noninterest costs rose by 4 per cent, to $3.206 billion, it said in a statement earlier last week. Assets under custody/administration rose 13 per cent year-on-year to $55.8 trillion; assets under management grew 3 per cent to $2.1 trillion at the end of June this year.

SEI
The firm, which provides investment processing and management, and investment operations solutions, logged $148.6 million in second-quarter income from operations, rising 9 per cent on a year ago. In the first half of 2025, income rose 17 per cent to $305.7 million.

SEI has a B2B model in areas such as working with investment advisors, institutional investors and investment managers. In its private banks channel, operating profit in Q2 rose 11 per cent year-on-year to $22.7 million. For investment advisors, profit rose 19 per cent to $61.4 million; for institutional investors, it rose 1 per cent to $33.5 million, and for investment managers, it gained by 7 per cent to $73.5 million.

Northern Trust
The group reported a 53 per cent slide in second-quarter 2025 net income, with a 26 per cent year-on-year fall in total revenues, for example. Other noninterest income fell 85 per cent to $156.3 million. The profit year-on-year fall was affected by the “other noninterest income” result a year ago that had included several notable items, such as Northern Trust’s participation is the Visa Exchange Offer. Client assets under custody and administration (AuC/A) rose 9 per cent on a year ago to stand at $18.1 trillion at June 30; wealth management assets under custody rose 9 per cent, to $14.2 trillion. Assets under management rose 11 per cent to $1.697 trillion, reflecting mainly favorable markets.

Raymond James
The group reported attributable net income of $435 million in the three months to June 30, slipping 11 per cent on a year before. 

Net revenues rose 5 per cent to $3.398 billion. Total non-interest costs rose 10 per cent year-on-year to $2.835 billion in the quarter. Results included a $58 million reserve increase associated with the settlement of a legal matter related to bond underwritings for a specific issuer, sold to institutional investors between 2013 and 2015. Although Raymond James said it had strong defenses and denied any liability, given the complexity of the case and the unpredictability of litigation outcomes, it is determined to resolve the long-running dispute without admission of wrongdoing.

Canaccord Genuity Wealth Management
The firm announced record global quarterly wealth management revenue of C$242.9 million for the three-months ended June 30, 2025, a year-over-year increase of 12.5 per cent on Friday. Client assets in North America rose by 16.9 per cent year-over-year.

The global increase in revenue was largely attributable to higher commissions and fees revenue earned in all geographies, reflecting the firm’s strategy of increasing contributions from fee-based assets.

The firm’s global wealth management division contributed net income before taxes of C$40.8 million in the three-months ended June 30, 2025, a year-over-year increase of 22.7 per cent. Total client assets in the firm’s global wealth management division increased by 18.4 per cent year-over-year to a new record of C$125.3 billion with new highs achieved in all regions. Growth reflects year-over-year increases of 16.9 per cent in Canada, 17.6 per cent in the UK & Crown Dependencies, and 34.3 per cent in Australia.