Major U.S. Banks Post $49B Combined Q2 Profit, Up 39% Amid AI Boom

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According to Yahoo Finance, five major U.S. banks—JPMorgan, Bank of America, Citigroup, Wells Fargo, and Goldman Sachs—reported combined net profits of $49 billion in Q2 2026, up 39% year-over-year as of July 14. Bank executives attributed the surge to an AI-driven boom lifting trading activity across Wall Street. AI-related capital raises, equity and bond offerings, and merger advisory work increased investment banking fees, while higher equity trading volumes boosted trading divisions. Goldman Sachs' equity trading revenue climbed 72% to $7.4 billion, marking the highest quarterly result in the banking sector, while JPMorgan's equity trading revenue rose 86% to $6 billion. Goldman Sachs CEO David Solomon stated AI infrastructure buildout remains in early stages and expects the positive cycle to continue.
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