The New York Times
JPMorgan, Wells Fargo and Citi Report Solid Earnings Despite Trump Tariff Risks
Tue, 15 Jul 2025 16:32:22 GMT
For years, Wall Street’s top bankers have watched with a mix of envy and exhaustion as power, profits and the popular imagination shifted westward to Silicon Valley.
Being out of the spotlight, however, is proving profitable in the second Trump era. While many industries have been upended by the president’s topsy-turvy trade and immigration policies, Wall Street is quietly humming along just fine.
Some of the biggest lenders in America reported strong quarterly earnings on Tuesday along with increasing — if tentative — optimism that the U.S. economy has more room to run. The reports were a reminder that in the world of high finance, uncertainty is often a chance to make money.
JPMorgan Chase, the largest bank in the country, exceeded forecasters’ expectations for the second quarter, earning about $15 billion. Importantly, its haul from advising on corporate deal making rose, defying expectations for a decline amid uncertainty over global trade. The bank credited a shift in momentum as the most extreme of President Trump’s tariffs were repeatedly delayed, as well as the extension of corporate tax breaks.
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