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Wall Street Banks Are Beating Main Street Banks at the Start of the Trump Era

  • Political turmoil spurs trading but gives corporations pause
  • Companies plan deals while ‘waiting for some sort of clarity’
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Breaking Down the First Set of U.S. Bank Earnings

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U.S. banks reporting their first profits under Donald Trump’s presidency are showing a split: Wall Street businesses are faring far better than some of those serving Main Street.

The nation’s two biggest trading firms -- JPMorgan Chase & Co. and Citigroup Inc. -- posted surprisingly strong revenue Thursday from buying and selling securities in the first quarter, when political turmoil prompted clients to adjust holdings. Wells Fargo & Co., which focuses on more traditional banking to consumers and businesses, reported sluggish results and said total loans fell from the end of last year.