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That statement is broadly accurate, though the precise figure is just under 300bn rather than exactly 300bn. FDIC data compiled by BankRegData show that aggregate 2025 profits for more than 4,300 U.S. banks were about 295.6bn, which is a record and roughly a 10% increase over 2024, surpassing the previous peak of 279bn in 2021. Popular write‑ups and market commentary round this to “300bn” and describe it as the highest level on record for U.S. banks’ annual net income
The biggest profit makers in 2025 were the usual large US money‑center banks, led by JPMorgan Chase, with Bank of America, Wells Fargo, and Citigroup also near the top by absolute net income.
Top US banks by 2025 net income (headline level)
| Bank | 2025 full‑year net income (approx.) | Evidence |
|---|---|---|
| JPMorgan Chase | About 57bn | 2025 net income reported at 57.0bn in its Q4 2025 results. |
| Bank of America | Tens of billions (low‑40s bn is a reasonable ballpark), below JPMorgan but still among the very largest profit pools in 2025. | Big‑six earnings summaries describe a “very solid” 2025 for BofA, with strong Q4 and full‑year profitability. |
| Wells Fargo | Tens of billions, with earnings per share up 17% vs 2024, putting it among the largest profit contributors. | Wells Fargo’s 2025 earnings release shows higher net income and revenue versus 2024. |
| Citigroup | High‑teens to low‑20s bn range (after adjusting for Russia‑related charges), making it another top‑tier profit earner. | Citi’s 2025 results note solid revenues and Q4 net income despite one‑off losses, with strong underlying profitability. |
Industry concentration
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An FT/TipRanks summary notes that these four largest US banks together generated roughly 40% of the industry’s nearly 300bn of 2025 profits.
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Other large players with very high individual profits (though smaller than JPM/BofA) include Goldman Sachs and Morgan Stanley, which had strong 2025 earnings driven by trading and wealth management.
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The exchange for the debt economy