Big Banks Post Record Q2: JPMorgan $21.2B Net, Goldman +78%, BofA, Citi, Wells All Beat
- JPMorgan reported $21.2 billion in Q2 net income, up 41% year-on-year and what the bank called the highest quarterly profit in U.S. banking history, with equities revenue up 86% and strong i-banking fees (Yahoo Finance).
- Goldman Sachs profit jumped 78% to $6.6B, BofA net income rose 27% to $9.1B, Citigroup posted $5.8B (on its highest quarterly revenue in a decade), and Wells Fargo net income climbed 17% to $6.4B (WSJ, Reuters).
- Despite the beat-and-raise tone, JPMorgan, BofA and Wells saw a 'sell-the-news' reaction as investors focused on rising expenses and guidance.