Finance
Big US Bank Profits Surge as Biden Era Comes to a Close
- Trading revenue surged on swings triggered by jobs, election
- Dealmaking ramped up with executives predicting more to come
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For all of Wall Street’s excitement about Donald Trump’s growth agenda, the biggest banks are ending the Biden years on a high note.
The four giant lenders that reported full-year results Wednesday notched their second-most profitable year ever in 2024, trailing only Joe Biden’s first year as president. The group’s trading and lending revenue benefited from interest-rate moves, while investment banking fees jumped 32% from a moribund 2023 — with executives predicting that’s just the start.