Overview
- JPMorgan reported a record $21.2 billion quarterly profit on Tuesday, a figure that included about $4.6 billion in one‑time gains tied to its Visa stake.
- Goldman Sachs delivered its strongest quarter with roughly $20.3 billion in net revenue and a record $7.42 billion in equities trading revenue.
- The five largest U.S. banks together posted about $49 billion in second‑quarter profits as trading revenues and investment‑banking fees jumped on large listings such as SpaceX, AI‑related financings and volatility driven by Middle East tensions.
- Bank managements said heavy deal pipelines and AI infrastructure demand could support future fees but warned the current windfall may not be durable given geopolitical risks, persistent inflation and high asset valuations.
- The gains were driven by fee businesses rather than crypto or retail‑lending growth, and firms raised 2026 expense forecasts while flagging capital and balance‑sheet planning that could influence buybacks and dividends.