Wall Street banks made over $33 billion amid global instability — FT
Leading U.S. financial giants—JPMorgan Chase, Citigroup, Wells Fargo, and Goldman Sachs—reported record profits for the first quarter of 2026.
This was reported by the Financial Times.
The combined net profit of the “Big Four” exceeded $33 billion thanks to high volatility in global markets.
Geopolitical upheavals, particularly the U.S. military operation in Venezuela and the war in Iran, were the main drivers of this financial success.
These events triggered sharp fluctuations in commodity prices and forced investors to revise their interest rate forecasts, which played into the hands of the banks’ trading divisions.
JPMorgan Chase set an all-time record for trading revenue, earning $11.6 billion in this segment.
The bank’s total net profit rose by 13% to $16.5 billion, significantly exceeding market analysts’ expectations.
Citigroup also posted its best results in the last decade, generating $7.2 billion in trading revenue.
The bank’s net profit soared 42% year-over-year to $5.8 billion, confirming the effectiveness of its chosen strategy amid the crisis.
Other market players also demonstrated success. Wells Fargo increased its profit to $5.3 billion, and its loan portfolio crossed the symbolic $1 trillion mark for the first time following the lifting of regulatory restrictions.
Goldman Sachs reported a 19% increase in net profit, which amounted to $5.63 billion on total revenue of over $17 billion.
Equity traders stood out in particular, setting a new record by earning $5.33 billion, a quarter more than last year’s figures.
The energy crisis caused by the war in the Middle East has cost the EU over €22 billion
Iran estimates losses from U.S. and Israeli bombings at $270 billion and is demanding compensation from five Arab countries
