Major U.S. banks exceeded Wall Street expectations for the second quarter. Goldman Sachs reported $6.6 billion in earnings. The firm generated $20.3 billion in revenue. Banking and markets revenue at Goldman Sachs rose 53% year-over-year.
Bank of America’s profit reached $9.1 billion. This figure represents a 27% increase. JPMorgan’s consumer banking division saw revenue increase by 8%. Executives noted that U.S. consumer spending remains resilient despite inflationary pressures.
Market volatility linked to the conflict in Iran boosted trading revenues at Goldman Sachs and Citigroup. Investor reaction remained mixed despite the strong results. Goldman Sachs shares climbed over 7%. Citigroup and Wells Fargo shares declined.