Big US Bank Profits Surge as Biden Era Comes to a Close

For all of Wall Street’s excitement about Donald Trump’s growth agenda, the biggest banks are ending the Biden years on a high note.

The four giant lenders that reported full-year results Wednesday notched their second-most profitable year ever in 2024, trailing only Joe Biden’s first year as president. The group’s trading and lending revenue benefited from interest-rate moves, while investment banking fees jumped 32% from a moribund 2023 — with executives predicting that’s just the start.

JPMorgan Chase & Co. became the first bank in US history to top $50 billion in annual profit. At Citigroup Inc., three of its five main segments — wealth, US personal banking and services — posted record revenue for the year.

Of course, an extra earnings bump came in the fourth quarter as Trump’s election win and his hints about policy set off market swings. But that wasn’t the only driver, as stronger-than-expected jobs numbers reset expectations for future rate cuts by the Federal Reserve.

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