JPMorgan Chase posted the biggest profit ever for a US bank, as Wall Street giants across the board posted blowout earnings on a resurgence in corporate dealmaking and resilient consumer spending.
The nation’s largest bank, run by Dimon for the past two decades, set the pace by logging a staggering $21.2 billion in total profit, or $7.70 a share, as it logged a one-time gain from selling Visa stock.
But even when stripping out that windfall, JPMorgan earned $16.9 billion, or $6.14 a share — easily clearing the $5.70 a share predicted by Wall Street analysts tracked by the London Stock Exchange Group (LSEG).
The firm raked in $3.3 billion in investment banking fees, up by 30% from the same three months of 2025.
Nevertheless, CEO Jamie Dimon sought to temper the enthusiasm with a cautious macroeconomic forecast.
“Several risks are shifting below the surface like tectonic plates, including geopolitical tensions and wars, sticky inflation, large global fiscal deficits and elevated asset prices,” Dimon warned. “They may remain manageable, but they could also cause meaningful disruptions when they shift or collide.”
David Solomon-led Goldman Sachs walloped its LSEG target of $13.91 by posting $20.98 per share.
The Wall Street powerhouse watched its total net earnings rocket 78% year-over-year to $6.63 billion.
Driving the explosion was a 53% revenue spike in its global banking and markets division, where fees from stock underwriting more than doubled.
Solomon hailed a continuous “flywheel of activity,” as clients flock to the firm to lead strategic, multi-billion-dollar mergers and acquisitions.
Wells Fargo rounded out the stellar quarter by reporting a net income of $6.4 billion, up 17% from a year ago.
The retail banking giant registered an earnings per share of $2.00, safely ahead of the $1.71 expected by Wall Street analysts. The gains flowed from a 12% expansion in average loan balances, which reached $1.03 trillion.
Echoing Dimon’s warning, Wells Fargo CEO Charlie Scharf said: “We know that such favorable conditions do not go on forever so we are being selective about how much and where to grow,”
He added that he wanted to build a business that can withstand “inevitable market shocks.”
Bank of America, led by CEO Brian Moynihan, similarly beat expectations, banking a net income of $9.1 billion, a 27% increase from the prior year.
The lender delivered an earnings per share of $1.21, outperforming the LSEG estimate of $1.11 on total revenues of $31.6 billion.
BofA capitalized heavily on the industry-wide investment banking revival, recording a 50% jump in corporate investment banking fees alongside a 33% increase in its stock and bond trading revenues.
Behind the corporate boardrooms, everyday consumers kept cash flowing through the financial system. Bank of America reported that combined debit and credit card spending grew 9% to $266 billion.
“Our second quarter performance reflected strong revenue growth across every business
segment and improved returns on equity and assets, said Alistair Borthwick, the company’s chief financial officer. “We are in a good position to serve our clients, deliver for our shareholders, and support a growing economy.”