Q2 2025 Earnings Summary
| Metric | YoY Change | Reason |
|---|---|---|
Total Revenue | +4.9% | The overall revenue increased as a result of improvements in Consumer Banking (+6.0%), Global Wealth & Investment Management (+6.5%), and Global Markets (+9.5%) revenues, which partially offset a decline in Global Banking (-6.0%) and a deterioration in All Other revenue (-3.3%). These mixed trends reflect both underlying growth and ongoing sector challenges. |
Consumer Banking revenue | +6.0% | Enhanced by rising net interest income and fee income—driven by higher deposit spreads, growing loan balances, and improved card income/service charges, echoing trends observed in Q1 2025 where organic growth and expanded consumer investment assets supported the gains. |
Global Wealth & Investment Management revenue | +6.5% | Driven by higher asset management fees and robust AUM flows, the segment’s revenue growth builds on strong performance in prior periods where favorable market valuations boosted client balances, although the pace moderated slightly from Q1’s higher gains. |
Global Banking revenue | –6.0% | Declines in net interest income—similar to pressures seen in Q1 2025—and lower transaction-based revenue, such as reduced Global Transaction Services activity, have led to a revenue drop. This reflects ongoing sensitivity to interest rate fluctuations and challenges in deposit rotation issues extending into Q2. |
Global Markets revenue | +9.5% | Strong sales and trading performance, particularly in equities and FICC, along with realized gains from leveraged finance positions and higher trading-related asset levels, continue to drive revenue growth. This performance builds on Q1’s robust increase and indicates resilience amid market volatility. |
All Other revenue | –3.3% | Despite the removal of one-off expenses like the FDIC special assessment seen previously, the segment experienced a further deterioration due to declining noninterest income and worsening net interest income, reflecting ongoing operational challenges in noncore areas compared to prior periods. |
| Metric | Period | Previous Guidance | Current Guidance | Change |
|---|---|---|---|---|
Net Interest Income | Q4 2025 | $15.5 billion to $15.7 billion | $15,500,000,000 to $15,700,000,000 | no change |
Expenses | Q4 2025 | no prior guidance | expected to flatten out and potentially decrease slightly | no prior guidance |
Dividends | Q4 2025 | no prior guidance | increase common quarterly dividend by 8% starting in September, pending board approval | no prior guidance |
Capital Return | Q4 2025 | no prior guidance | Repurchased $5,300,000,000 in shares and paid $2,000,000,000 in dividends | no prior guidance |
Regulatory Capital | Q4 2025 | no prior guidance | CET1 ratio expected to remain stable at 11.5% | no prior guidance |
Organic Growth | Q4 2025 | no prior guidance | Focus on organic growth by adding new clients and deepening relationships with existing clients | no prior guidance |
Technology and Efficiency | Q4 2025 | no prior guidance | Continued investment in technology and efficiency improvements, including the application of artificial intelligence | no prior guidance |