Banks and Capital Markets
Banks and Capital Markets
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
Sourced roster revenue
Last reported year for names with a primary 2025 print. Bank revenue uses each company's reported definition. Super-regionals beyond USB and PNC, and several processors, are omitted.
Four theses on one page
Banks are the largest pile because JPMorgan is $182B. Each company is counted once. This is not a TAM. Names without a pulled 2025 print are out of the 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.
The roster
45 public companies. Insurance stays on Insurance. Crypto-native names stay on Crypto. Dual-homes from Crypto appear here for the non-crypto P&L.
| 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 | Locked roster | 2025 print not pulled this pass |
| Citizens / Fifth Third / Huntington / KeyCorp / M&T / Regions | CFG+ | Regional banks | US | Locked roster | 2025 prints not pulled this pass |
| American Express | AXP | Consumer finance | New York, US | CY2025 | Revenue $72.2B; billed business $1.67T |
| Capital One / Synchrony | COF / SYF | Consumer finance | US | Locked roster | 2025 prints not pulled this pass |
| 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 / 28.1M ADV |
| 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% |
