Wall Street banks have unveiled record quarterly profits as they cash in on a speculative trading frenzy in AI-linked groups that JPMorgan chief executive Jamie Dimon described as “getting close to as good as it gets”.
JPMorgan, Goldman Sachs, Citigroup and Bank of America yesterday reported combined equities trading revenues of $19.3bn — far in excess of what analysts had been expecting and 72 per cent higher than a year ago. Across their wider businesses, the banks posted a combined $42.7bn in net income.
The results underscore how the rush to build AI infrastructure is driving a boom in Wall Street earnings, with soaring stock prices in the US, China, Korea and Taiwan and sharp moves in equity markets that have boosted the banks’ trading arms.