Total Revenue

14.5% increase " " "

Total Revenue rose from $12,731 million in Q2 2024 to $14,583 million in Q2 2025, driven by overall growth across business segments, including stronger net interest income and diversified contributions from Global Banking & Markets, reflecting broader recovery compared to the previous period. " " "

Global Banking & Markets

23.7% increase " " " "

Global Banking & Markets revenue climbed from $8,184 million in Q2 2024 to $10,120 million in Q2 2025, largely due to robust equities performance—including record earnings from derivatives and improved financing activities—demonstrating enhanced market conditions compared to earlier periods. " " " "

Investment Banking

26.5% increase " "

Investment Banking revenue increased from $1,733 million to $2,194 million, reflecting stronger underwriting activities and a partial recovery in advisory revenues that had previously dipped, suggesting a rebound in market confidence and deal flow relative to the prior year. " "

Other Principal Transactions

46% decrease " "

Other Principal Transactions revenue dropped from $947 million in Q2 2024 to $514 million in Q2 2025, indicating a significant decline in net gains from derivatives and related funding activities compared to the gains achieved in the previous period. " "

EMEA

30% increase " " "

EMEA revenue surged to $3,811 million from $2,931 million, driven by an amplified contribution from Global Banking & Markets and robust regional market performance, reflecting strong regional growth and improved product demand relative to Q2 2024. " " "

Americas

10.5% increase " "

Americas revenue grew from $8,125 million to $8,982 million, supported by stable client activity and enhanced revenue contributions from Global Banking & Markets, which continued to perform well in comparison to the prior period. " "

Asia

6.6% increase " " "

Asia revenue increased modestly from the prior period, reaching $1,790 million, a reflection of steady gains driven by improved trading volumes and favorable market conditions, albeit at a slower pace compared to other regions. " " "

Investment Banking Outlook

Q2 2025

no prior guidance

Optimism about the overall investment banking outlook with a strong advisory backlog higher than year‑end 2024 levels "

no prior guidance

M&A Volumes

Q2 2025

no prior guidance

Announced M&A volumes for the year‐to‐date up 30% YoY and 15% above the five‑year average "

no prior guidance

Fundraising in Alternatives

Q2 2025

no prior guidance

$18 billion raised in Q2 2025 and $37 billion year‑to‑date " "

no prior guidance

Incentive Fees (Target)

Q2 2025

no prior guidance

Target of $1 billion in annual incentive fees over the medium term "

no prior guidance

Dividend Policy

Q2 2025

no prior guidance

33% increase in the quarterly dividend to $4 per share starting in Q3 2025 "

no prior guidance

Capital Management (CET1 Buffer)

Q2 2025

no prior guidance

Maintain a 50 to 100 basis point buffer above the new CET1 regulatory minimum of 10.9% effective October 1, 2025 "

no prior guidance

Net Interest Income

Q2 2025

no prior guidance

$3.1 billion "

no prior guidance

Regulatory & Strategic Focus (ROE)

Q2 2025

no prior guidance

Targeting mid‐teens ROEs " "

no prior guidance

Tax Rate

FY 2025

Effective tax rate of approximately 21% " "

no current guidance

no current guidance

Historical Principal Investments

FY 2025

Plan to continue reducing historical principal investments with the vast majority sold by end of 2026 "

no current guidance

no current guidance

Asset & Wealth Management (Annual Growth)

FY 2025

High single‑digit annual growth expected in durable revenues "

no current guidance

no current guidance

Fundraising in Alternatives (Annual)

FY 2025

Expected to remain in line with recent years "

no current guidance

no current guidance

Incentive Fees (Annual Target)

FY 2025

$1 billion annual incentive fees target with $4.1 billion unrecognized incentive fees "

no current guidance

no current guidance

Efficiency Plan

FY 2025

Executing a 3‑year efficiency plan "

no current guidance

no current guidance

Capital Deployment

FY 2025

Commitment to a sustainable and growing dividend plus a share repurchase program of up to $40 billion "

no current guidance

no current guidance

Economic Outlook

FY 2025

U.S. growth expected to fall from over 2% to 0.5% with an increased recession risk "

no current guidance

no current guidance