The four largest US banks have ended Joe Biden’s presidency on a high note, reporting their second-most profitable year ever in 2024. The surge in profits was driven by interest-rate moves and investment banking fees, which jumped 32% from the previous year. Dealmaking activities also accelerated as executives anticipate further growth opportunities.
Trading revenue spiked due to market fluctuations triggered by job announcements and election results. This upward trend is expected to continue, with industry insiders predicting more deal-making activity in the coming months. The strong performance of these major banks underscores Wall Street’s optimism about the future despite the change in administration.
Source: https://www.bloomberg.com/news/articles/2025-01-15/jpmorgan-goldman-citi-rake-in-record-hauls-as-biden-s-era-ends