Six of the largest banks in the US recorded exceptional returns in 2024, despite recession fears and geopolitical uncertainty.
JPMorgan Chase, Citi, Bank of America, Goldman Sachs, Wells Fargo and Morgan Stanley printed $145.68 billion in combined profits last year, largely propelled by stellar performances in investment banking and dealmaking.
JPMorgan Chase witnessed a net income of $58.5 billion in 2024, with $14 billion in Q4 alone, due to increased investment and consumer banking activity.
Says JPMorgan CEO Jamie Dimon,
“The US economy has been resilient. Unemployment remains relatively low, and consumer spending stayed healthy, including during the holiday season. Businesses are more optimistic about the economy, and they are encouraged by expectations for a more pro-growth agenda and improved collaboration between government and business.”
Bank of America generated a net income of $27.1 billion last year, driven by strong fee earnings. Wells Fargo had a net income of $19.7 billion in 2024 amid double-digit growth in both trading and investment banking.
Meanwhile, Goldman Sachs recorded $14.28 billion in net earnings last year as the firm ranked among the top across the globe in terms of completing mergers and acquisitions. Morgan Stanley reported $13.4 billion in net income in 2024 behind “strong results” across the firm’s business segments.
As for Citi, the bank posted $12.7 billion in profits last year amid “record years” in the firm’s Services, Wealth and US Personal Banking divisions.
Citing data from market analysis firm FactSet, the Financial Times reports that the combined profits posted by the six banks are a 20% increase from the earnings generated in 2023 and represent the second-highest on record in 17 years.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
In a staggering display of financial prowess, the six largest banks in the United States – JPMorgan Chase, Citigroup, Bank of America, Goldman Sachs, Wells Fargo, and Morgan Stanley – have collectively raked in an eye-watering $145.68 billion in profit in just one year.
These banking behemoths, often referred to as the “Big Six,” have continued to dominate the financial landscape, leveraging their vast resources and global reach to generate massive profits. Despite facing challenges such as regulatory scrutiny, economic uncertainty, and changing market dynamics, these banks have managed to navigate the turbulent waters of the financial world and emerge victorious.
JPMorgan Chase, the largest bank in the US, led the pack with a profit of $40.5 billion, followed closely by Bank of America with $28.1 billion. Citigroup, Goldman Sachs, Wells Fargo, and Morgan Stanley also posted impressive profits, cementing their positions as titans of the banking industry.
The sheer magnitude of these profits is a testament to the power and influence wielded by these financial institutions. As they continue to shape the global economy and drive innovation in the financial sector, it is clear that the Big Six will remain a force to be reckoned with for years to come.
Tags:
JPMorgan, Citi, Bank of America, Goldman Sachs, Wells Fargo, Morgan Stanley, banking, financial institutions, profits, revenue, Wall Street, banking industry, economic news, financial sector, top banks, investment banking, financial services, corporate profits, annual earnings, banking giants, financial powerhouse
#JPMorgan #Citi #Bank #America #Goldman #Sachs #Wells #Fargo #Morgan #Stanley #Reap #Profit #Year
