Major US banks reported record equity trading revenues in the second quarter, driven by strong investor activity linked to the artificial intelligence boom, geopolitical tensions and inflation concerns. Goldman Sachs posted a record $7.42 billion in equities trading, while JPMorgan generated $6 billion, with industry-wide revenues expected to exceed $25 billion.
Trading desks benefited from heightened market volatility and sustained client repositioning, as investors navigated war risks, rising energy costs and shifting economic expectations. Strong capital markets activity, including major equity listings and a rebound in dealmaking, further boosted revenues.
Despite the surge, banks flagged rising costs tied to talent and technology investments, while cautioning that current revenue levels may not be sustainable. Executives also noted underlying economic resilience but warned of potential risks from inflation and consumer strain.