Despite economic worries, six major US banks smashed profit records in 2024. JPMorgan Chase, Citi, Bank of America, Goldman Sachs, Wells Fargo, and Morgan Stanley collectively earned a staggering $145.68 billion.
A Year of Record Profits
This massive profit surge, a 20% jump from 2023, is the second-highest in 17 years. Investment banking and deal-making were major drivers of this success.
JPMorgan Chase Leads the Pack
JPMorgan Chase took the lead with a net income of $58.5 billion for the year, including a whopping $14 billion in the final quarter alone. CEO Jamie Dimon attributed this to a resilient US economy, strong consumer spending, and increased optimism among businesses.
Other Bank Highlights
- Bank of America: $27.1 billion in net income, fueled by strong fees.
- Wells Fargo: $19.7 billion, boosted by double-digit growth in trading and investment banking.
- Goldman Sachs: $14.28 billion, topping global rankings in mergers and acquisitions.
- Morgan Stanley: $13.4 billion, thanks to strong performance across all business segments.
- Citi: $12.7 billion, with record years in its services, wealth management, and US personal banking divisions.
A Strong Economy, Despite Concerns
The results show the strength of the US economy, even amidst global uncertainty and recession fears. The banks’ success highlights the continued demand for financial services and investment opportunities.
