The world’s biggest banks have posted some of their strongest quarterly earnings on record, buoyed by surging trading revenues, resilient consumer spending, and elevated interest rates — even as chief executives sounded a cautious note about the global economic outlook.
JPMorgan Chase, the largest bank in the United States by assets, set the tone early in the reporting season, announcing net income of $16.5 billion for the first three months of 2026 — a 13% increase year-on-year. Total revenue at the Wall Street titan climbed 10% to $50.5 billion, with net interest income rising 9% to $25.5 billion, reflecting the continued benefit of a higher-rate environment. J.P. Morgan Payments alone reported a record $5.1 billion in quarterly revenue, up 12% year-on-year, marking its fifth consecutive record quarter.
Goldman Sachs also delivered a standout performance, reporting net revenues of $17.23 billion — 14% higher than the same period a year ago — and net earnings of $5.63 billion, up 19% year-on-year. Earnings per share came in at $17.55, comfortably above analyst forecasts. The bank’s chief executive, David Solomon, described the results as “very strong performance for our shareholders”, though he cautioned that “the geopolitical landscape remains very complex” and that “disciplined risk management must remain core to how we operate”.
Bank of America rounded out the picture for the US majors, reporting net income of $8.6 billion for the quarter — a 17% jump compared to the same period last year — as total revenue rose 7% to $30.3 billion. The bank’s investment banking fees, excluding self-led deals, climbed 21% year-on-year, reflecting robust corporate activity despite global uncertainty.
Across the Atlantic, Citigroup reported its highest quarterly markets revenue in a decade, contributing to collective profits of more than $25 billion for JPMorgan, Citigroup, and Wells Fargo combined. Wells Fargo reached its own milestone, with its loan book surpassing $1 trillion for the first time, and its chief executive noted that consumer spending remains robust.
The strong results come despite a backdrop of considerable global turbulence. Analysts at Bloomberg had forecast aggregate profits at the six largest US banks to rise by roughly 5% year-on-year, but the actual figures for several institutions significantly exceeded those projections, with collective profits tracking 5% to 13% higher across the sector on approximately 9% revenue growth.
Market volatility itself appears to have been a driver of the bumper results. Record trading desks capitalised on sharp swings in equities and fixed income markets during the quarter, with JPMorgan setting its highest-ever trading revenue and Goldman Sachs posting record figures in its equities division.
Yet for all the celebratory numbers, bank chiefs remain publicly guarded. JPMorgan’s chairman and chief executive, Jamie Dimon, warned of “energy price volatility” and “global fiscal deficits” as risks that could weigh on future quarters. His caution was echoed across the industry, with HSBC analyst Saul Martinez noting that while confidence heading into earnings season had been “quite favourable”, it was “not as optimistic as it was in January”.
For now, however, the numbers speak for themselves — and they make for impressive reading on both sides of the Atlantic.
