Global Banks’ $170 Billion Haul Marks Most Profitable Year Ever
- Dealmaking, trading gains lift earnings in recent quarters
- Lenders also walking back dire forecasts on loan losses
JPMorgan Chase & Co. earned the equivalent of $131 million a day.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
Never mind banker burnout, return-to-office headaches, and new pandemic waves. A simple reality stands out for the biggest global investment banks: they’re minting money like never before.
As the dust settles over earnings season, a total profit of more than $170 billion from a dozen of the biggest firms in the past four quarters shows how far the industry has come from the frazzled early stages of the pandemic. JPMorgan Chase & Co. was the standout, earning the equivalent of $131 million a day.