Total Revenue

From a loss of $1,685 million in Q2 2024 to $5,035 million in Q2 2025 " " "

A dramatic turnaround driven by an overall improvement in operating performance across segments, reflecting the reversal of negative factors from Q2 2024 including discontinued operations and depressed noninterest income, leading to a $6,720 million change. " " "

CS Retail & Consumer Finance – Net Interest Income

From a loss of $791 million in Q2 2024 to $3,587 million in Q2 2025 " " "

Net interest income rebounded sharply likely due to improved deposit and loan balances alongside enhanced interest rate conditions and operational adjustments that reversed prior losses. " " "

CS Retail & Consumer Finance – Noninterest Income

From a loss of $6,710 million in Q2 2024 to a gain of $1,400 million in Q2 2025 " " "

Noninterest income reversed significantly, benefiting from increased fee‐based activities such as residential mortgage income and service charges, which offset prior declines in card and payment fees. " " "

Other, Treasury & Corporate Income

From a loss of $7,501 million in Q2 2024 to a loss of $494 million in Q2 2025 " "

A substantial improvement resulting from an increase in segment net interest income and reductions in noninterest expense and credit loss provisions, which curtailed the earlier massive losses. " "

Consumer & Small Business Banking Segment Revenue

Declined approximately 8%, from $3,135 million in Q2 2024 to $2,878 million in Q2 2025 " "

An 8% decline likely driven by pressures on net interest income and higher operating expenses that persisted despite improvements in other areas, reflecting ongoing competitive and market challenges. " "

Wholesale Banking Segment Revenue

Declined about 3%, from $2,681 million in Q2 2024 to $2,603 million in Q2 2025 " "

A modest 3% decline attributed to lower loan balances and deposit mix issues impacting net interest income, partially offset by cost control and slight improvements in balance sheet dynamics " "

Revenue Growth

FY 2025

1.5% to 2.5% " "

1.5% to 2.5% "

no change

Net Interest Income

FY 2025

3% " "

3% "

no change

Adjusted Expenses

FY 2025

Increase of approximately 1% "

Increase of approximately 1% "

no change

Net Charge-Offs

FY 2025

60 basis points "

55 to 60 basis points "

no change

Effective Tax Rate

FY 2025

17% (or 20% on a taxable equivalent basis) "

17.5% (or 20% on a taxable equivalent basis) "

raised

Non-Interest Income

FY 2025

no prior guidance

Expected to remain relatively flat "

no prior guidance

Revenue Growth

Q2 2025

no prior guidance

Expected to increase approximately 1.5% relative to $4.9B "

no prior guidance

Net Interest Income

Q2 2025

no prior guidance

Expected to increase by approximately 1.5% "

no prior guidance

Noninterest Income

Q2 2025

no prior guidance

Expected to increase 1% to 3% "

no prior guidance

Adjusted Expenses

Q2 2025

no prior guidance

Expected to increase 2% to 3% "

no prior guidance

Share Buybacks

Q2 2025

no prior guidance

Targeting up to $750 million " "

no prior guidance

Revenue Growth

Q3 2025

no prior guidance

Expected to increase 2.5% to 3.5% relative to $5.1B "

no prior guidance

Net Interest Income

Q3 2025

no prior guidance

Expected to increase approximately 2% "

no prior guidance

Non-Interest Income

Q3 2025

no prior guidance

Expected to increase about 5% "

no prior guidance

Adjusted Expenses

Q3 2025

no prior guidance

Expected to increase about 1% "

no prior guidance

Share Buybacks

Q3 2025

no prior guidance

Plan to target up to $500 million "

no prior guidance

Robust Loan Growth and High-Quality Production

Q1 2025 highlighted steady growth with increases in both consumer and commercial loans. " " " " Q4 2024 reported modest loan growth with strong production discipline. " " Q3 2024 emphasized consistent loan production from consumer and wholesale segments. "

Q2 2025 demonstrated strong momentum with robust loan growth across consumer and wholesale segments and high-quality production supported by strategic initiatives and disciplined credit management. " " " "

Consistently prioritized; sentiment improved in Q2 2025 relative to earlier modest growth, with clearer strong momentum across segments.

Digital Innovation and Enhanced Client Engagement

Q1 2025 noted new digital account openings, AI tool deployment, and improved client interfaces. " Q4 2024 emphasized investments in digital platforms with strong growth in digital accounts and transactions. " " Q3 2024 focused on increased digital transactions, mobile app growth, and integration of digital and physical channels. " "

Q2 2025 expanded digital offerings with significant improvements in digital account production, integration of LightStream, and innovative payment solutions driving enhanced client engagement. "

Consistently emphasized with accelerating initiatives; sentiment growing more positive as digital and AI tools drive deeper client engagement.

Completed Merger Integration and Strategic Focus

Q3 2024 described merger-related activities as behind them with a clear focus on executing strategic priorities. " " Q4 2024 and Q1 2025 continued to articulate strategic growth initiatives, though Q1 did not stress integration details heavily. " " "

Q2 2025 reiterated that merger integration is fully complete, allowing the focus to shift decisively to strategic growth, capitalizing on investments made during integration. " " "

Consistent progression; integration issues have been resolved and emphasis has shifted entirely to strategic growth and execution in the current period.

Investment Banking and Trading Revenue Headwinds

Q1 2025 discussed a flat revenue outlook with deferred transactions and market volatility impacting trading. " " Q4 2024 mentioned a quarterly decline but strong annual performance. " Q3 2024 forecasted lower noninterest income driven by headwinds. "

Q2 2025 reported significant headwinds with a 25% decline early in the quarter though later outcomes showed improvement, reflecting ongoing challenges amid a volatile market. " " "

Consistently challenging; while headwinds persist across periods, Q2 2025 shows cautious optimism with signs of recovery later in the quarter.

Interest Rate Uncertainty, Asset Repricing, and NIM

Q1 2025 flagged pressure on net interest margins with adjustments due to mid-term rate changes and lowered repricing benefits. " " Q4 2024 noted deposit repricing lags and associated NIM compression. " " Q3 2024 detailed uncertainty with active swap management and anticipated margin stabilization. " "

Q2 2025 highlighted asset repricing of fixed-rate assets alongside a slight improvement in net interest margin and controlled funding costs despite ongoing rate uncertainties. " " "

Persistent challenge with cautious improvements; while rate uncertainty remains, Q2 2025 shows slightly improved NIM conditions over previous periods.

Operational Efficiency, Elevated Expenses, and Restructuring Costs

Q1 2025 stressed expense discipline with initiatives aimed at positive operating leverage. " " " Q4 2024 reported stable efficiency ratios despite elevated expenses. " " Q3 2024 demonstrated improved efficiency and cost management with disciplined expense increases. " " "

Q2 2025 maintained a focus on operational efficiency with a disciplined cost-control approach, while acknowledging moderately elevated expenses and minor restructuring charges. " "

Steady approach; consistent commitment to efficiency across periods despite some elevation in expenses, with ongoing investments balanced by cost control measures.

Capital Management, Opportunistic Capital Allocation, and Share Repurchases

Q1 2025 highlighted a strong capital position with opportunistic share buybacks and dividend returns. " " " Q4 2024 reaffirmed robust CET1 ratios and active capital return programs. " " " Q3 2024 emphasized maintaining high capital strength with significant repurchase activity. " " " "

Q2 2025 underlined strong CET1 ratios and opportunistic capital allocation with enhanced repurchase activity driven by market volatility, continuing a disciplined capital return strategy. " " " "

Consistently robust; a strong emphasis on capital management with opportunistic share repurchases remains a core focus, showing continuity and even opportunistic increases in Q2 2025.

Market Expansion, Competitive Positioning, and Rising Competitive Pressures

Q1 2025 reported expansion into new markets and a solid growth strategy backed by competitive positioning. " " " Q4 2024 focused on deepening existing market relationships and expanding in regions with growth potential. " " " Q3 2024 emphasized broad market expansion through digital enhancements and strategic hiring. " " " "

Q2 2025 presented strong market expansion in consumer, small business, and wholesale segments with new client acquisitions and continued efforts to bolster competitive positioning. " " " "

Consistent drive with a strategic push; expansion and competitive positioning have been maintained, and Q2 2025 shows enhanced momentum in market growth and client acquisition.

Management Accountability and Lowered ROTCE Targets

Q3 2024 uniquely addressed lowered ROTCE targets and raised concerns regarding management accountability, linking compensation metrics to performance. " " "

Q2 2025 did not mention these topics.

No longer emphasized; the focus on management accountability and lowered ROTCE targets present in Q3 2024 has been dropped in later periods, indicating a strategic shift away from this discussion.