Five Big U.S. Banks Earn $49B on July 14, Led by JPMorgan’s $21.2B

Five major U.S. lenders posted a combined $49 billion in profit on July 14, led by JPMorgan Chase’s $21.2 billion and Goldman Sachs’ best quarter on record. The gains were driven by trading and dealmaking rather than traditional lending, according to BeInCrypto, with JPMorgan’s stock trading revenue up 86% to $6.03 billion and total trading revenue at a record $12.1 billion. Goldman reported net profit of $6.63 billion on $20.34 billion in net revenues, with investment banking fees up 55% to $3.40 billion. Bank of America earned $9.1 billion, Wells Fargo $6.4 billion, and Citigroup $5.8 billion.