Here is a summary of the main banks and other firms with wealth management operations that issued results for 2014.

Below is a summary of the private banking and wealth management results of firms around the world. Not all the results are strictly comparable since some of the institutions are stand-alone institutions; others are part of larger organisations. Some of this information may be subsequently adjusted or revised.

Bank of America
It reported global wealth and investment management net income of $706 million for the fourth quarter of 2014, down from $813 million and $778 million in the previous quarter and year-ago, respectively. However, GWIM revenue rose by 3 per cent from the year-ago quarter to $4.6 billion, which the US-listed bank said was driven by higher non-interest income along with record asset management fees (of $2.1 billion – up 16 per cent on the year-ago quarter) that were partially offset by lower transactional activity.

Client balances of $2.50 trillion were up by $36 billion, and, as a percentage of BoA Corporation, revenue increased to 24.3 per cent from 22 per cent in the third quarter of 2013, highlighting the growth of the wealth management business as an important part of the company. It also grew its number of wealth advisors by 714 from the year-ago quarter to 17,231, while full-year attrition levels were at “historical lows” since the Merrill Lynch merger.

JP Morgan
The parent of its global wealth management business, the asset management division, had a record year, generating $12 billion in revenue, up 5 per cent year-over-year. Net revenue for the quarter was $3.2 billion, flat on the prior year. Client assets were $2.4 trillion, up by 2 per cent compared with the prior year. The asset management division marked its 23rd consecutive quarter of positive net long-term client flows. JP Morgan said global wealth management “delivered its strongest-ever performance” in 2014, achieving record revenue of $5.7 billion, up 5 per cent. Client assets reached a record at $1.1 trillion. Average loans were $103.3 billion, a record, up 11 per cent from the prior year and up 20 per cent from the prior quarter. Average deposits were $152.0 billion, a record, up by 6 per cent from the prior year and up 1 per cent from the prior quarter.

Goldman Sachs
It reported that full-year net revenues in investment management were $6.04 billion for 2014, 11 per cent higher than in 2013. The increase reflects higher management and other fees, primarily due to higher average assets under supervision as well as higher incentive fees and transaction revenues. During the year, total assets under supervision rose by $136 billion to $1.18 trillion, while long-term assets under supervision increased by $99 billion - including net inflows of $74 billion and net market appreciation of $25 billion. Both were primarily in fixed income and equity assets. Net revenues in investment management were $1.57 billion for the fourth quarter of 2014, 2 per cent lower than the fourth quarter of 2013 but 7 per cent higher than the prior quarter.

Wells Fargo
The wealth, brokerage and retirement arm reported net income of $514 million at end-December 2014, down $36 million, or 7 per cent, from the prior quarter. Revenue of $3.6 billion however had increased by $94 million during the quarter, driven largely by heightened net interest income and bigger gains on deferred compensation plan investments.

Citigroup
The bank reported $350 million ($0.06 per diluted share) in net income for the fourth quarter of 2014, down sharply from $2.5 billion ($0.77 per diluted share) a year ago. Revenue of $17.8 billion dropped 9 per cent from the third quarter of 2014 (when it was $19.6 billion) and is essentially flat year-on-year.

Morgan Stanley
Morgan Stanley Wealth Management reported Q4 2014 pre-tax income from continuing operations of $736 million, up 3 per cent from $715 million in the fourth quarter of 2013 but down 8 per cent from $800 million in the previous quarter. Net revenues inched up 2 per cent to $3.8 billion - a quarterly record, it said - from $3.7 billion a year ago and 1 per cent from Q3.

Net interest income – the difference between revenue generated from assets and the expenses associated with paying out its liabilities – of $625 million rose from $526 million a year ago on higher deposits and loan balances. Meanwhile, asset management fee revenues of $2.1 billion increase from $2.0 billion a year ago, primarily reflecting market appreciation and positive flows.

Transactional revenues - money earned through an exchange of cash or credit for goods, services or assets - of $976 million decreased however from $1.1 billion a year ago, reflecting lower revenues related to deferred compensation plans and lower levels of new issue activity. Total client assets came in at over $2.0 trillion at quarter-end, with assets in fee-based accounts of $785 billion having risen by 13 per cent compared with the prior-year quarter. Fee-based asset flows for the quarter were a “record” $20.8 billion.

BNY Mellon
It reported revenue from wealth management of $157 million at end-December 2014, up by 5 per cent from a year ago but down slightly from $158 million in the previous quarter. BNY Mellon as a whole reported fourth quarter net income applicable to common shareholders of $807 million, down from $1.07 billion in Q3 but up from $513 million a year ago.

Investment management and performance fees were $885 million, a decrease of 2 per cent year-over-year and up slightly sequentially. Both comparisons reflect the unfavorable impact of a stronger US dollar and higher equity market values, BNY Mellon said. The year-over-year decrease also resulted from lower performance fees and the sequential increase also reflects seasonally higher performance fees and net new business.

Northern Trust
The bank reported fourth quarter net income per diluted common share of $0.98, up from $0.70 in the fourth quarter of 2013 and $0.84 in the third quarter of 2014. Net income was $244.0 million, compared to $169.7 million in the prior year quarter and $204.5 million in the prior quarter. New business and higher equity markets drove client assets under custody and under management up 7 per cent and 6 per cent, respectively, in 2014. Trust, investment and other servicing fees – which represent 65 per cent of total revenue – increased 9 per cent. Total assets under management in the wealth business stood at $224.5 billion at the end of December, a 1 per cent rise from a year before. Total assets under custody in wealth management were $515.7 billion, up 4 per cent.

BlackRock
The world’s largest publicly-quoted asset management firm said its net income in the fourth quarter of 2014 was $821 million, down 4 per cent year-on-year, while full-year net income rose to $3.31 billion last year from the year before. Assets under management stood at $4.651 trillion at the end of last year, an 8 per cent rise from the year before.

Charles Schwab
Net income in Q4 was a record $350 million, up 9 per cent from $321 million for the third quarter of 2014, and up 10 per cent from $319 million for the fourth quarter of 2013. Net income for the twelve months ended 31 December 2014 was $1.3 billion, up 23 per cent year-over-year. The company’s financial results for the fourth quarter and full-year 2014 included two non-recurring items: net litigation proceeds of approximately $28 million and net losses of $8 million from selling securities totalling approximately $500 million, both relating to the company’s non-agency residential mortgage-backed securities portfolio.

UBS
It reported an operating profit of SFr538 million ($582.5 million) in the three months to the end of December last year, bouncing back from a loss of SFr554 million in the previous quarter. Net profit attributable to shareholders was SFr3.6 billion last year, up 13 per cent on the year earlier. The figures did not, of course, take into account the impact in January this year of the massive rise in the Swiss franc exchange rate after the Swiss National Bank ended its cap on the currency. The bank said the currency move will be a headwind for its earnings this year.

The wealth management arm of the Zurich-listed lender (excluding the Americas) reported a 9 per cent quarterly fall in operating profit to SFr646 million; the profit for the wealth management arm in the Americas was SFr211 million, down 11 per cent on the quarter. In wealth management, the firm achieved a cost/income ratio in a range of 55 to 65 per cent, while the adjusted ratio for wealth management in the Americas was 75-85 per cent.

Pre-tax profits, meanwhile, were strong at the wealth and wealth management (Americas) arms.

The adjusted cost/income ratio remained within the target range during the quarter in wealth management (ex Americas). For the whole of 2014, net new money was SFr34.4 billion, with particularly strong contributions in regions such as Asia.

Wealth Management Americas in Q4, UBS said, delivered an “adjusted profit before tax of $233 million, reflecting a new quarterly record for operating income which was offset by higher operating expenses. Total operating income increased on higher transaction-based and net interest income, the latter demonstrating continued success in the business's banking and lending initiatives. Net new money increased to $5.5 billion, with higher inflows from net recruiting of financial advisors leading to an annualised net new money growth rate of 2.2 per cent, within the target range. The gross margin on invested assets and the adjusted cost/income ratio also both remained within the target ranges.” For the full year, it logged net new money of $10 billion.

Credit Suisse
Its reported net income for the final three months of 2014 was restated, after it announced it has raised its mortgage-related litigation provisions connected to matters in the US by SFr277 million. The change affected the preliminary results given on 12 February. Developments in industry-wide litigation and investigations in the US relating to mortgages have resulted in an increase in provisions relating to this issue. The reported fourth quarter 2014 net income was SFr691 million, compared to a net loss of SFr476 million in fourth quarter of 2013. For the full year 2014, making the same adjustment, reported core pre-tax income was SFr3.232 billion, compared to SFr3.504 billion in 2013, and reported 2014 net income attributable to shareholders was SFr1.875 billion, compared to SFr 2.326 billion in 2013.

Julius Baer
The firm logged a 14 per cent rise in assets under management during 2014, reaching SFr291 billion ($313 billion). The rise in AuM was driven by SFr13 billion of net new money. Operating income rose 16 per cent year-on-year to SFr2.547 billion, producing an adjusted cost/income ratio of 69.9 per cent; adjusted net profit rose 22 per cent to SFr586 million. International Financial Reporting Standards net profit rose 96 per dent to SFr367 million.

Bank J Safra Sarasin
The bank reported group profit for 2014 of SFr205.3 million, up from SFr180.5 million a year earlier. It had a cost/income ratio of 60.7 per cent, down sharply from the 66.7 per cent figure a year earlier. Its BIS tier one capital ratio was 24.9 per cent, down slightly from 2013. Assets under management stood at SFr147.433 billion at the end of 2014, up from SFr131.385 billion a year earlier.

Pictet
The private bank, which started to issue results last year after more than two centuries of not disclosing annual results, reported a net profit of SFr459 million ($495 million) for 2014. Its assets under management and custody rose over the course of 2014 to SFr435 billion, a 10 per cent increase from the previous year. This includes SFr17 billion worth of new assets. 2014 revenue was SFr2.06 billion, though it provided no figures from 2013 as a comparison.

Lombard Odier
The private bank, reporting full-year figures for the first time in its history, boosted its assets under management by 5.6 per cent to SFr161 billion ($162 billion) over 2014. The steady year was driven by net inflows from the private client business, which accounted for over half (SFr116 billion) of the bank's total client assets of SFr215 billion, while the asset management unit recorded assets of SFr49 billion.

Mirabaud Group
The firm reported SFr32.7 billion ($33.6 billion) in assets under administration in 2014 in its first ever full-year results statement. Mirabaud's wealth management business took the lion's share of assets, accounting for three quarters, or SFr24.2 billion, of the total, while its asset management arm reached SFr8.5 billion. Mirabaud provided no figures for 2013 as a comparison but said results were in line with expectations.

EFG International
Underlying net profit attributable to ordinary shareholders was SFr130.7 million ($137.9 million) in 2014, up by 18 per cent from a year earlier. The firm said reported profit was adversely affected by exceptional legal and professional charges and provisions, resulting in a net IFRS profit attributable to ordinary shareholders of SFr61.1 million. The one-off items included SFr33.7 million in litigation-related charges, as had been previously announced; SFr30 million as related to the US tax programme (EFG said good progress has been made in tackling certain accounts), and SFr5.9 million in legal and professional fees connected to a loan.

Operating income was SFr716.6 million, up 8 per cent from a year earlier, while operating costs rose by 5 per cent year-on-year to SFr575.0 million, primarily reflecting investments in growth. The cost-income ratio dropped to 79.8 per cent in 2014 (81.5 per cent in 2013). Revenue-generating assets under management were SFr84.2 billion, up 11 per cent from SFr75.9 billion at end-2013. Net new assets were SFr4.4 billion (annual growth of 6 per cent), compared with SFr2.5 billion a year earlier. The UK, Asia, Continental Europe and Americas (ex Caribbean) all delivered annual growth in net new assets in the range 9-11 per cent.

Vontobel
Net profit for 2014 rose by 10 per cent on the year before, to stand at SFr134.5 million ($145 million). In the second half of 2014, private and institutional clients put a total of SFr6.2 billion of net new money into the Switzerland-listed firm; total advised client assets reached a record SFr190.7 billion at the end of 2014, of which around 40 per cent originates from the US and emerging markets.

The firm generated a return on equity of 8.7 per cent in the financial year 2014 and has moved closer to its 10 per cent target. Following the repurchase of Raiffeisen’s shareholding, Vontobel’s BIS tier one capital ratio (CET1 ratio) held at 21.3 per cent. Vontobel said this is “substantially higher than the regulatory minimum requirement”. At the end of January this year, advised client assets totalled SFr128.5 billion. This figure is 3 per cent higher than the average for the financial year 2014.

Deutsche Bank
Private and business clients fourth quarter 2014 IBIT of €55 million decreased by €163 million from prior year as stable revenues, and lower provision for credit losses were more than offset by €330 million extraordinary charges for the reimbursement of loan processing fees. Deutsche Asset & Wealth Management fourth quarter income before tax was €365 million, up by €165 million compared to last year's fourth quarter, benefiting from an €83 million partial write up of intangibles for Scudder. Net new money inflows, which continued for the fourth consecutive quarter, were €10 billion. Invested assets were €1.039 trillion as of 31 December 2014, an increase of €33 billion versus 30 September 2014.

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Commerzbank
The German bank’s private banking arm has recorded an 87.5 per cent rise in operating profit over the course of 2014 to €420 million ($478 million). Revenues before loan loss provisions were up from €3.3 billion in 2013 to €3.4 billion last year, while loan loss provisions fell 26.9 per cent on the prior year to €79 million. The division's 5.1 per cent jump in net interest income to €1.9 billion more than made up for the 1.4 per cent dip in net commission income to €1.5 billion.

BNP Paribas
Pre-tax income at the investment solutions arm – the segment covering private banking and wealth management – stood at €2.525 billion ($2.87 billion) in 2014, a 12.5 per cent year-on-year increase. Wealth and asset management pre-tax income in the fourth quarter of 2014 was €176 million, compared with €173 million a year before, and up from €164 million in the previous quarter of 2014.

Societe Generale
The private banking arm logged net banking income of €815 million ($924 million) last year, a rise of 2.1 per cent on a year earlier. The asset and wealth management segment of the Paris-listed banking group said it logged net banking income of €1.038 billion last year, down slightly from €1.072 billion a year earlier; net income was €218 million, from €271 million. Private banking assets under management stood at €108 billion at the end of 2014 from €84 billion a year earlier; the bank said there had been an inflow of €4.2 billion last year, partly offsetting last March’s sale, completed later in the year, of the Asian private banking business to Singapore-headquartered DBS.

Credit Agricole
Private banking assets under management rose by 7 per cent since end-December 2013, reaching more than €141 billion at end-December 2014, including a positive market effect. These assets under management include €101.6 billion of assets related to CA Private Banking and 39.9 billion euros of assets related to LCL, which have risen respectively 8.8 per cent and 2.6 per cent since end-December. In France, assets under management rose by 3.3 per cent over the year to €63.9 billion. Abroad, assets under management rose by 10.2 per cent to €77.6 billion. There was 3.7 per cent year-on-year revenue growth in the private bank, at €177 million. The overall Credit Agricole group reported net income group share in the final three months of 2014 of €697 million, a rise of 13 per cent on the same quarter a year earlier; for the whole of 2014, the figure was €2.34 billion, a fall of 6.8 per cent from 2013.

ABN AMRO
The private banking arm reported an underlying profit after income taxes in the fourth quarter of 2014 of €15 million ($17 million), down 46 per cent year-on-year, while its full-year 2014 profit was €150 million, up 54 per cent from the level of 2013. The bank said net interest income in Q4 was €156 million, a rise of 12 per cent on the year; for 2014, net interest income was €597 million, up 13 per cent.

The fall in profit in the latest quarter was driven by higher operating costs and the consolidation of the German private banking activities of Credit Suisse. Net fee and commission income grew by 3 per cent year-on-year to €140 million in Q4 2014. Net fees for the international activities increased mainly as a result of the acquired German activities and higher assets under management.

Barclays
The personal and corporate banking arm, the segment of the bank that includes its wealth and investment management business, said that pre-tax profit for 2014 was £2.885 billion ($4.44 billion), rising 29 per cent year-on-year. Attributable profit for the year ended 31 December was £2.058 billion, the banking group said, a gain of 22 per cent. Net interest income was £6.298 billion, up 7 per cent. Net fee and commission income fell 10 per cent on the year to £2.443 billion, while other income fell 19 per cent to £87 million.

HSBC
Pre-tax profit at HSBC’s private bank rose 3.4 per cent year-on-year in 2014. Global private banking profits in 2014 were $626 million for the year ending 31 December 2014. Last year, HSBC’s private bank logged $14 billion of net new money; however, other forces at work meant that, at the end of 2014, assets under management on a reported basis were $365 billion, from $382 billion a year earlier.

Royal Bank of Scotland
The private banking business arm, which includes its Coutts and Adam & Co operations, reported an adjusted operating profit in 2014 of £258 million ($400.7 million), up sharply from £172 million a year earlier. International private banking logged a narrower operating loss last year of £27 million, down from £110 million in 2013.

Lloyds Banking Group
It announced a surge in statutory pre-tax profit to £1.762 billion ($2.71 billion) for 2014 from £415 million a year earlier. It also resumed dividend payments for the first time since it was bailed out amid the financial crisis.

Standard Chartered
The UK-listed bank earning the bulk of its revenues in regions such as Asia and Africa reported that its private bank reported a 2014 operating profit of $149 million, a fall of 14 per cent year-on-year, while the overall group also suffered a profit fall. Among other details on the private banking side, Standard Chartered said operating income rose 4 per cent year-on-year to $612 million last year; operating costs rose to $447 million, a gain of 10 per cent. Operating income and client income rose by 4 per cent compared to 2013, or 6 per cent when the impact of business exits in Korea (2013) and Geneva (2014) are stripped out.

DBS
The wealth management division of the Singapore-headquartered banking group brought in S$1.10 billion ($810 million) for full-year 2014. DBS Wealth Management's record-high income was up 19 per cent from S$924 million in 2013 and has been steadily on the climb since 2009, with compound annual growth of 18 per cent. Meanwhile, total earning assets jumped 25 per cent, from S$134 billion the prior year to S$167 billion.

Oversea-Chinese Banking Corporation
The parent bank of Bank of Singapore reported a 15 per cent year-on-year rise in overall income at its wealth management arm. Wealth management, for the purposes of the results, covers insurance, private banking, asset management, stockbroking and other wealth management products. As a share of OCBC’s total income, wealth management activities contributed 28 per cent, as compared with 29 per cent in 2013. OCBC’s private banking business continued to grow, with assets under management 11 per cent higher at $51 billion as of 31 December 2014, up from $46 billion a year ago.