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.
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