Banks and Capital Markets
Banks and Capital Markets
US banks, consumer lenders, asset managers, exchanges, and payment processors outside Sterling's Insurance and Crypto pages. The 2025 question is who earned on balance-sheet spread (JPMorgan $182.4B of net revenue, FDIC industry NIM 3.39%), who earned on client assets (BlackRock $14.0T AUM, Schwab $11.90T), and who earned on rails (Visa $40.0B, Mastercard $32.8B).
Data updated 2026-08-26
The Banks and Capital Markets sector on Sterling tracks 45 companies.
Banks and Capital Markets at a glance
Structural 2025 prints. The four thesis tabs keep banks, wealth, market data, and payments separate. Insurance and crypto-native names are out.
- •FDIC-insured banks posted a 3.39 percent NIM in the fourth quarter of 2025, the highest since the first quarter of 2019, on $25.3 trillion of assets. Full-year industry net income was $295.6 billion.
- •JPMorgan 2025 reported net revenue was $182.4 billion, net income $57.0 billion, NII $95.4 billion, and standardized CET1 14.5 percent.
- •Bank of America 2025 revenue was $113.1 billion, NII $60.1 billion, net income $30.5 billion, and standardized CET1 11.4 percent. Wells Fargo revenue was $83.7 billion, net income $21.3 billion, CET1 10.61 percent. Citigroup revenue was $85.2 billion, net income $14.3 billion, CET1 13.2 percent.
- •BlackRock ended 2025 at $14.04 trillion of AUM after $698 billion of net inflows. Schwab client assets were $11.90 trillion after $519 billion of core net new assets. Blackstone AUM was $1.27 trillion.
- •Visa fiscal 2025 net revenue was $40.0 billion on $14.2 trillion of payments volume. Mastercard 2025 net revenue was $32.8 billion, with GDV of $10.6 trillion on a local-currency basis.
- •S&P Global 2025 revenue was $15.34 billion (Ratings $4.72 billion, Indices $1.85 billion). Moody's revenue was $7.72 billion (MIS $4.12 billion). CME ADV was 28.1 million contracts.
- •The Federal Reserve, FDIC, and OCC requested comment on three capital-framework proposals on March 19, 2026, with comments due June 18, 2026.
Headline numbers
Eight sourced snapshot figures. Visa is fiscal 2025 ended September 30, 2025. The FDIC NIM is the fourth-quarter 2025 industry print.
JPMorgan 2025 net revenue
$182.4B
Reported basis, year ended December 31, 2025. Up 3 percent vs $177.6 billion. Net income $57.0 billion. Standardized CET1 14.5 percent.
JPM 4Q25 supplement
FDIC industry NIM, 4Q25
3.39%
Highest since first quarter 2019. Industry assets $25.3 trillion. Full-year industry net income $295.6 billion.
FDIC QBP 4Q25
BlackRock year-end AUM
$14.0T
December 31, 2025. $14.04 trillion after $698 billion of 2025 net inflows. Full-year revenue $24.2 billion.
BLK 4Q25
Schwab client assets
$11.90T
Year-end 2025, up 18 percent. Core net new assets $519 billion (5.1 percent organic). Net revenues $23.9 billion.
SCHW 4Q25
Visa FY2025 net revenue
$40.0B
Year ended September 30, 2025, up 11 percent. Payments volume $14.2 trillion. Processed transactions 257.5 billion.
Visa FY2025
Mastercard 2025 net revenue
$32.8B
Up 16 percent vs $28.2 billion. Worldwide GDV $10.6 trillion, up 9 percent local currency.
MA 2025 earnings
Bank of America 2025 revenue
$113.1B
Revenue net of interest expense. NII $60.1 billion. Net income $30.5 billion. Standardized CET1 11.4 percent.
BAC 4Q25
Wells Fargo 2025 revenue
$83.7B
Up 2 percent vs $82.3 billion. NII $47.5 billion. Net income $21.3 billion. Standardized CET1 10.61 percent.
WFC 10-K
March 19, 2026 capital NPRs
The Federal Reserve, FDIC, and OCC requested comment on three capital-framework proposals. Comments were due June 18, 2026. The agencies said overall capital would modestly decrease. This is not a final rule and not a CET1 requirement.
| Proposal | Applies to | What the agencies said |
|---|---|---|
| Category I and II NPR | Largest, most internationally active banks. Optional for other banks. Market risk only if significant trading activity. | One set of risk-based calculations instead of two. Implements remaining Basel III pieces. Agencies said it would enhance risk sensitivity and reduce burden. |
| Standardized approach NPR | Generally all but the largest banks. Mortgage-servicing changes also apply to community-bank leverage-ratio banks. | Aligns capital for traditional lending with risk. Modifies mortgage origination and servicing requirements. Certain large banks would reflect unrealized securities gains and losses in regulatory capital after a transition. |
| GSIB surcharge NPR | Largest and most complex banks. Federal Reserve Board proposal. | Changes how systemic risk is measured for the additional capital requirement, including the Systemic Risk Report (FR Y-15). |
Comment deadline: June 18, 2026. The agencies said overall capital in the banking system would modestly decrease and would still be substantially higher than before the financial crisis. Large-bank requirements would fall modestly. Smaller-bank requirements would fall moderately.
Revenue by company, latest fiscal year
Last reported year for names with a Part A 2025 print. Bank revenue uses each company's reported definition. Super-regionals beyond USB and PNC are on the regional-revenue chart. Processor names beyond Fiserv are on Payments.
Super-regional and regional revenue
Truist GAAP $20.32B. M&T $9.690B. Fifth Third FTE $9.037B. Citizens GAAP $8.247B. Huntington FTE $8.231B. Regions GAAP $7.526B. KeyCorp taxable-equivalent $7.513B. Definitions are not identical. Not NIMs.
Money-center and super-regional net income
JPMorgan $57.048B. Bank of America $30.509B. Wells Fargo $21.338B. Goldman Sachs $17.176B. Morgan Stanley $16.9B. Citigroup $14.306B. U.S. Bancorp $7.570B attributable. PNC $6.997B. Calendar 2025. Not ROE.
Revenue grouped by type of business
Banks are the largest pile because JPMorgan is $182B. Each company is counted once. This is not an estimate of the whole market. Names without a pulled 2025 print in the original roster file are out of that sum.
FDIC industry NIM and assets, 2025
Industry NIM rose from 3.25% in 1Q25 to 3.39% in 4Q25, the highest since 1Q19. Assets ended 2025 at $25.3T. Full-year industry net income was $295.6B.
FDIC industry net income and ROA
Full-year 2025 industry net income $295.6B. Fourth-quarter NIM 3.39% on $25.3T of assets. Press-release ROA 1.24%. This is the industry print, not a company chart.
Industry net income, 2025
$295.6B
FDIC-insured commercial banks and savings institutions, full year 2025.
FDIC QBP 4Q25
Industry NIM, 4Q25
3.39%
Highest quarterly industry NIM since the first quarter of 2019.
FDIC QBP 4Q25
Industry assets, 4Q25
$25.3T
Period-end assets for FDIC-insured institutions.
FDIC QBP 4Q25
Industry ROA, 4Q25
1.24%
Return on assets in the FDIC 4Q25 press-release headline.
FDIC 4Q25 press release
Companies in this sector
45 public companies. Insurance stays on Insurance. Crypto-native names stay on Crypto. Companies that also appear on Crypto are here for the non-crypto business.
| Company | Ticker | Archetype | HQ | Latest year | What to watch |
|---|---|---|---|---|---|
| JPMorgan Chase | JPM | Money-center bank | New York, US | CY2025 | NII $95.4B; CET1 14.5%; Apple Card reserve |
| Bank of America | BAC | Money-center bank | Charlotte, US | CY2025 | NII $60.1B; CET1 11.4%; Merrill balances |
| Citigroup | C | Money-center bank | New York, US | CY2025 | Revenue $85.2B; CET1 13.2%; Banamex / Russia items |
| Wells Fargo | WFC | Money-center bank | San Francisco, US | CY2025 | Revenue $83.7B; CET1 10.61%; post asset-cap growth |
| Goldman Sachs | GS | Diversified bank | New York, US | CY2025 | Net revenues $58.3B; Apple Card transfer |
| Morgan Stanley | MS | Diversified bank / wealth | New York, US | CY2025 | Firm $70.6B; WM $31.8B; client assets $9.3T |
| U.S. Bancorp | USB | Super-regional | Minneapolis, US | CY2025 | Net revenue $28.7B; CET1 10.8% |
| PNC | PNC | Super-regional | Pittsburgh, US | CY2025 | Revenue $23.1B; CET1 10.6% |
| Truist | TFC | Super-regional | Charlotte, US | CY2025 | GAAP revenue $20.32B; CET1 10.8% |
| Citizens / Fifth Third / Huntington / KeyCorp / M&T / Regions | CFG+ | Regional banks | US | CY2025 | FITB FTE $9.04B; CFG $8.25B; HBAN FTE $8.23B; MTB $9.69B |
| American Express | AXP | Consumer finance | New York, US | CY2025 | Revenue $72.2B; billed business $1.67T |
| Capital One / Synchrony | COF / SYF | Consumer finance | US | CY2025 | COF net revenue $53.4B; SYF after RSA $15.0B |
| BlackRock | BLK | Asset manager | New York, US | CY2025 | AUM $14.04T; inflows $698B |
| Blackstone | BX | Alternatives | New York, US | CY2025 | AUM $1.27T; perpetual capital $524B |
| T. Rowe Price | TROW | Asset manager | Baltimore, US | CY2025 | AUM $1.78T; outflows $56.9B |
| Charles Schwab | SCHW | Wealth platform | Westlake, US | CY2025 | Client assets $11.90T; core NNA $519B |
| S&P Global | SPGI | Ratings / data | New York, US | CY2025 | Revenue $15.3B; Mobility spin mid-2026 |
| Moody's | MCO | Ratings / analytics | New York, US | CY2025 | Revenue $7.72B; MIS $4.12B |
| MSCI | MSCI | Index / data | New York, US | CY2025 | Revenue $3.13B; ETF AUM $2.34T |
| ICE / Nasdaq / CME / Cboe | ICE+ | Exchanges | US | CY2025 | ICE $9.9B; NDAQ $5.2B; CME $6.5B; CBOE net $2.43B |
| Visa | V | Payment network | San Francisco, US | FY2025 | Net revenue $40.0B; payments volume $14.2T |
| Mastercard | MA | Payment network | Purchase, US | CY2025 | Net revenue $32.8B; GDV $10.6T |
| PayPal | PYPL | Wallet / processor | San Jose, US | CY2025 | Revenue $33.2B; TPV $1.79T |
| Fiserv | FISV | Processor | Milwaukee, US | CY2025 | GAAP revenue $21.2B; 2026 organic guide 1 to 3% |
Companies in the Banks and Capital Markets sector (45)
- Bank of America
- Citigroup
- Wells Fargo
- U.S. Bancorp
- PNC Financial Services
- Truist Financial
- Citizens Financial Group
- Fifth Third Bancorp
- Huntington Bancshares
- KeyCorp
- M&T Bank
- Regions Financial Corporation
- American Express
- Capital One
- Synchrony Financial
- Blackstone Inc.
- T. Rowe Price
- Northern Trust
- Charles Schwab Corporation
- Raymond James Financial
- S&P Global
- Moody's Corporation
- MSCI
- Intercontinental Exchange
- Nasdaq, Inc.
- FactSet
- Fidelity National Information Services
- Fiserv
- Global Payments
- Corpay
- Jack Henry & Associates
- Broadridge Financial Solutions
- JPMorgan Chase
- Goldman Sachs
- Morgan Stanley
- BlackRock
- BNY Mellon
- State Street
- Visa
- Mastercard
- PayPal
- Block
- CME Group
- Cboe Global Markets
- Interactive Brokers
Related industries
Frequently asked questions
What is the Banks and Capital Markets sector?
US banks, consumer lenders, asset managers, exchanges, and payment processors outside Sterling's Insurance and Crypto pages. The 2025 question is who earned on balance-sheet spread (JPMorgan $182.4B of net revenue, FDIC industry NIM 3.39%), who earned on client assets (BlackRock $14.0T AUM, Schwab $11.90T), and who earned on rails (Visa $40.0B, Mastercard $32.8B).
Which companies lead the Banks and Capital Markets sector?
Sterling tracks 45 companies in Banks and Capital Markets, led by Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), U.S. Bancorp (USB), PNC Financial Services (PNC) and Truist Financial (TFC).
How can I invest in the Banks and Capital Markets sector?
Publicly traded names in Banks and Capital Markets include Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), U.S. Bancorp (USB) and PNC Financial Services (PNC). Compare them side by side on Sterling. Data last updated August 26, 2026.