U.S. banking giants JPMorgan Chase (JPM), Bank of America (BAC), Citigroup (C), Wells Fargo (WFC), Goldman Sachs (GS) and Morgan Stanley (MS) are set to post their second-highest annual profit on record, according to a media report on Friday.
With Wall Street shrugging off policy turbulence and riding a surge in trading activity and corporate dealmaking, the six lenders are expected to turn in a $157B annual profit when they kick off earnings next week, Bloomberg reported.
Translating into a 9% climb from a year ago, the banks’ aggregate 2025 net income would come in slightly below the 2021 record of $160.5B, per analyst estimates compiled by Bloomberg as of Friday morning.
The six banks handily outpaced the broader S&P 500’s 17% rise last year, with JPM +34%, BAC +24%, C +67%, WFC +33% and MS +42%.
JPMorgan (JPM), the U.S.’s largest bank, saw 16 upward FY25 earnings revisions in the last three months, along with 0 downward revisions, underscoring analysts’ upbeat tone heading into earnings season.