Total Revenue

+7.6% " " " " " "

Total Revenue increased from $20,139M in Q2 2024 to $21,668M in Q2 2025, reflecting broad‐based growth across key segments compared to the prior period. This improvement appears to build on earlier performance gains in Services, Markets, Banking, and Wealth, suggesting a favorable combination of market recovery and enhanced segment contributions. " " " " " "

Services

+8.2% " " " " " "

Services revenue rose from $4,680M to $5,062M, likely due to improved fee generation and stronger Treasury and Trade Solutions performance. The growth builds on previous trends in underlying drivers such as enhanced client activity and deposit spread improvements seen in earlier periods. " " " " " "

Markets

+15.6% " " " " " "

Markets revenue increased from $5,086M to $5,879M, suggesting a rebound in market volatility and robust activity in equity and fixed income derivative trading. The significant jump contrasts with past periods of lower market activity, indicating improved client engagement and trading performance. " " " " " "

Banking

+18% " " " " "

Banking revenue grew from $1,627M to $1,921M, driven by enhanced investment banking fees and cost efficiencies achieved through prior repositioning initiatives. The current period’s gains follow earlier improvements in revenue mix and expense control, reflecting continued strategic focus on high-margin activities. " " " " "

Wealth

+19.4% " " " " "

Wealth revenue surged from $1,814M to $2,166M, reflecting strong growth in client investment assets and robust performance in segments such as Citigold and Private Bank. This marked increase builds upon previous period trends of substantial asset growth and improved fee revenues, reinforcing the segment’s upward momentum. " " " " "

All Other (managed basis)

-14.3% " " " " "

Revenue in the All Other (managed basis) segment declined from $1,980M to $1,698M, indicating a contraction likely driven by lower net interest income, reduced revenue from closed exits, and ongoing adjustments following divestiture-related impacts seen in the past periods. " " " " "

Geographic Breakdown

International >> North America

International revenue reached $3,523M while North America generated $1,539M, demonstrating a pronounced international contribution. This geographic shift complements earlier trends and underlines the company’s growing global presence, with a nominal contribution from Corporate/Other at $7M. " "

Full-Year Revenue

FY 2025

$83.1B–$84.1B " "

$84B " "

no change

NII (excluding markets)

FY 2025

2%–3% growth " "

4% " "

raised

Full-Year Expenses

FY 2025

$52.6B "

$53.4B " "

raised

Capital Return

FY 2025

$20B buyback program "

$20B share repurchase program " "

no change

ROTCE

FY 2025

no prior guidance

10%–11% for 2026 " "

no prior guidance