Citigroup, Morgan Stanley, and Goldman Sachs reported their second-quarter earnings for 2025, all surpassing analyst expectations. Citigroup posted earnings per share (EPS) of $1.96, beating the estimated $1.60, with revenue of $21.67 billion compared to the $21.0 billion forecast, reflecting an 8% year-over-year increase. Key segments included fixed income, currencies, and commodities (FICC) sales and trading revenue of $4.27 billion and net interest income of $15.18 billion, both above estimates. Citigroup also narrowed its full-year 2025 adjusted revenue guidance to about $84 billion and affirmed expenses around $53.4 billion. The bank's Common Equity Tier 1 capital ratio was 13.5%, slightly down from 13.6% year-over-year. Morgan Stanley reported EPS of $2.13, exceeding the $1.97 estimate, and revenue of $16.79 billion versus $16.04 billion expected, a 6% increase year-over-year. Its wealth management revenue reached $7.76 billion, equities sales and trading revenue was $3.72 billion, and FICC sales and trading revenue totaled $2.18 billion, all above estimates. Total deposits stood at $389.38 billion, surpassing the forecast. However, Morgan Stanley's provision for credit losses was $196 million, higher than the estimated $130.8 million, and non-interest expenses were $11.97 billion, above the $11.51 billion estimate. Goldman Sachs reported revenue of $14.58 billion, beating the $13.53 billion estimate, and EPS of $10.91, above the $9.77 forecast, marking a 15% and 27% year-over-year increase respectively. Its global banking and markets segment revenue rose 24% year-over-year to $10.12 billion. Despite a net income of $3.72 billion, this was below the estimated $4.35 billion. Overall, the results highlight strong trading and banking performances across these major financial institutions in the second quarter of 2025.