"U.S. Banking Giants Defy Recession, Post Record $145B in Profits"

Bank of America and five other major U.S. banks reported robust profits in 2024, defying recession fears and geopolitical uncertainty. The group, which includes JPMorgan Chase, Citi, Bank of America, Goldman Sachs, Wells Fargo, and Morgan Stanley, generated a combined $145.68 billion in profits last year, driven by strong performances in investment banking and dealmaking.

JPMorgan Chase, the largest U.S. bank by assets, reported a net income of $58.5 billion in 2024, with $14 billion in the fourth quarter alone. The bank's CEO, Jamie Dimon, attributed the strong results to the U.S. economy's resilience, low unemployment, healthy consumer spending, and businesses' optimism about the economic outlook.

Bank of America, the second-largest U.S. bank by assets, generated a net income of $27.1 billion last year, driven by strong fee earnings. Wells Fargo, the third-largest U.S. bank by assets, reported a net income of $19.7 billion in 2024, with double-digit growth in both trading and investment banking.

Goldman Sachs, a leading global investment bank, recorded $14.28 billion in net earnings last year, ranking among the top firms in completing mergers and acquisitions. Morgan Stanley reported $13.4 billion in net income in 2024, driven by strong results across its business segments.

Citi, the third-largest bank in the U.S. by assets, posted $12.7 billion in profits last year, with record years in its Services, Wealth, and U.S. Personal Banking divisions.

According to data from market analysis firm FactSet, the combined profits posted by the six banks represent a 20% increase from the earnings generated in 2023 and are the second-highest on record in 17 years.