Major U.S. Banks Report Record Fourth Quarter Profits

Major U.S. banks reported significant profit surges, attributed to increased deal-making and a favorable economic outlook following the recent election. JPMorgan Chase announced a record profit of $58 billion for 2024, while Goldman Sachs saw its profits jump to $14 billion, driven by robust trading and investment banking activities. Bank executives expressed optimism about the incoming Trump administration's business-friendly policies, which they believe will further enhance growth opportunities. The market's positive response is reflected in the rising stock prices of these banks, with a notable increase in trading revenues and investment fees. Analysts noted a revival of 'animal spirits' among investors, signaling a strong appetite for capital market engagements. This optimistic climate follows a year of significant market gains, with the S&P 500 climbing over 23%.