Major US Banks Report Record Second-Quarter Profits

Five of the largest United States banks reported a collective $49 billion in second-quarter profits on July 14, 2026, exceeding analyst projections. JPMorgan Chase led the group with a record $21.2 billion in net income, the highest quarterly profit in US banking history. This 41% year-over-year increase was driven by a record $12.1 billion in total trading revenue, a $4.6 billion gain from selling Visa shares, and fees from high-profile deals including the SpaceX IPO and an Alphabet stock sale.

Other institutions also posted significant gains. Goldman Sachs saw profits rise up to 92% to approximately $6.6 billion, while Bank of America reported a 27% increase to $9.1 billion. Wells Fargo saw net income jump to $6.4 billion, and Citigroup achieved its highest quarterly revenue in a decade with $5.8 billion in net income. These results were bolstered by AI-driven capital investment, resilient consumer spending, and market volatility linked to conflicts in Iran.

Despite the record performance, executives cautioned against market exuberance. JPMorgan CEO Jamie Dimon warned that risks including sticky inflation, geopolitical tensions, and global fiscal deficits are shifting below the surface like tectonic plates. While JPMorgan raised its 2026 net interest income forecast to between $96.5 billion and $105.5 billion, it also increased its projected operating expenses to $107.5 billion to account for AI and regulatory compliance investments.