Major US Banks Post Record Second-Quarter Profits on Trading and Dealmaking

The five biggest US banks reported second-quarter results on the same July morning, and every one of them topped analysts' expectations, underscoring the resilience of large, diversified lenders. JPMorgan Chase led the group with net income of about $21.2 billion, described as the highest quarterly profit ever recorded by a US bank, powered by strength in investment banking and trading. Goldman Sachs delivered its best quarterly performance on record, with diluted earnings per share of roughly $20.98, nearly double its year-earlier figure, as net revenue jumped about 39% to around $20.3 billion. Results across the group were flattered by robust trading revenue amid elevated market volatility and a wave of capital-markets activity, including fees tied to a landmark technology listing earlier in the year. Bank of America, Citigroup and Wells Fargo also beat estimates. Investors focused on net interest margins, credit quality and forward guidance given an uncertain rate outlook. The strong showing suggested Wall Street's core banking engines remain healthy even as questions linger over loan demand and the direction of Federal Reserve policy.