In a world of uncertainty, one reliable rule is that Wall Street will find a way to make money.

That was underscored with emphasis Tuesday when four of the largest banks in the United States reported a collective $43 billion in profits in the second quarter, smashing records and exceeding analysts’ projections, despite the war with Iran, stubborn inflation and mounting concerns about the staying power of the artificial intelligence boom.

JPMorgan Chase earned $21 billion in the quarter, up more than 40% from the same period a year earlier — a jump that could be partly credited to a $4.6 billion gain on its stake in credit card company Visa.

JPMorgan, along with rival Goldman Sachs, which logged $6.6 billion in profits during the quarter, was also bolstered by higher fees in investment banking during a boom in mergers and acquisitions and a hot string of financing deals for AI companies.

Bank of America made $9 billion, fueled by trading gains and investment banking fees. And Wells Fargo turned a profit of more than $6 billion, as consumers and businesses borrowed more.

Even as more households struggled to keep up with rising costs for essentials like gas and groceries, banks profited from fairly low delinquencies on debts and from interest rates that analysts now expect to stay higher for longer.

Jamie Dimon, JPMorgan’s CEO, said in a statement that the U.S. economy “demonstrated notable resiliency this year, with stronger business investment and hiring.” He also warned of “risks shifting below the surface like tectonic plates, including geopolitical tensions and wars, sticky inflation, large global fiscal deficits and elevated asset prices.”

Bank of America had one of its best quarters ever, which Brian Moynihan, the bank’s CEO, attributed to a “healthy economic backdrop” and “resilient” consumer and business clients. The bank’s earnings per share rose more than 30% from a year ago.

Charlie Scharf, Wells Fargo’s CEO, noted “concerns” around affordability and inflation, but said those were being offset by strong employment numbers and wage growth. For banks, times are good: “We know that such favorable conditions do not go on forever, so we are being selective about how much and where to grow,” he said.

The bank results are the unofficial start of quarterly earnings season, in which the largest publicly traded companies offer updates on their finances to the public. That tradition is now under pressure as the Trump administration’s securities regulators have proposed ending the mandate for quarterly reports and instead requiring semiannual reports.

The major banks, whose results are particularly closely watched because they offer hints on consumer and business spending across the economy, have said they will continue reporting quarterly regardless.

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This article originally appeared in The New York Times.

By Rob Copeland and Stacy Cowley/Karsten Moran
c. 2026 The New York Times Company