Six of the biggest banks within the US recorded distinctive returns in 2024, regardless of recession fears and geopolitical uncertainty.
JPMorgan Chase, Citi, Financial institution of America, Goldman Sachs, Wells Fargo and Morgan Stanley printed $145.68 billion in mixed income final yr, largely propelled by stellar performances in funding banking and dealmaking.
JPMorgan Chase witnessed a internet revenue of $58.5 billion in 2024, with $14 billion in This autumn alone, resulting from elevated funding and shopper banking exercise.
Says JPMorgan CEO Jamie Dimon,
“The US economic system has been resilient. Unemployment stays comparatively low, and shopper spending stayed wholesome, together with through the vacation season. Companies are extra optimistic in regards to the economic system, and they’re inspired by expectations for a extra pro-growth agenda and improved collaboration between authorities and enterprise.”
Financial institution of America generated a internet revenue of $27.1 billion final yr, pushed by robust charge earnings. Wells Fargo had a internet revenue of $19.7 billion in 2024 amid double-digit development in each buying and selling and funding banking.
In the meantime, Goldman Sachs recorded $14.28 billion in internet earnings final yr because the agency ranked among the many high throughout the globe by way of finishing mergers and acquisitions. Morgan Stanley reported $13.4 billion in internet revenue in 2024 behind “robust outcomes” throughout the agency’s enterprise segments.
As for Citi, the financial institution posted $12.7 billion in income final yr amid “file years” within the agency’s Companies, Wealth and US Private Banking divisions.
Citing knowledge from market evaluation agency FactSet, the Monetary Occasions studies that the mixed income posted by the six banks are a 20% improve from the earnings generated in 2023 and symbolize the second-highest on file in 17 years.
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