Banks' $40bn trading haul
The five largest U.S. banks are set to report roughly $40 billion in combined trading revenue, the strongest haul since at least 2014. That boost is already showing up in bonus flows to traders and real‑estate demand, even as firms could remain selective about expanding junior headcount. (Financial Times)
The biggest United States banks are heading into first-quarter earnings with roughly $40 billion in trading revenue, the richest combined haul since at least 2014. (ft.com) Goldman Sachs reported first-quarter 2026 results on Monday, April 13, and JPMorgan Chase, Citigroup and Wells Fargo are scheduled to report on Tuesday, April 14; Bank of America and Morgan Stanley are due on Wednesday, April 15. (goldmansachs.com) (jpmorganchase.com) (citigroup.com) (wellsfargo.com) (investor.bankofamerica.com) (marketbeat.com) The five banks in the estimate are JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs and Morgan Stanley, according to the Financial Times report published April 10. Wells Fargo reports this week too, but it is not part of that five-bank trading tally. (ft.com) (newsroom.wf.com) The lift came from a quarter when war in Iran and volatility across oil, currencies, bonds and stocks pushed clients to trade more. Trading desks tend to make more money when price swings drive hedging and repositioning by investors and companies. (ft.com) (cnbc.com) That strength lands after a record 2025 for Wall Street pay. New York State Comptroller Thomas DiNapoli said the New York City securities industry bonus pool rose 9% to a record $49.2 billion for 2025, and the average bonus climbed 6% to $246,900. (osc.ny.gov) The money is already spilling into property markets tied to finance workers. Bloomberg reported on March 27 that Hamptons landlords were preparing for stronger summer demand after the record bonus data, and Corcoran said Manhattan home sales and volume both rose in the first quarter of 2026. (bloomberg.com) (inhabit.corcoran.com) Banks are not expected to respond by hiring freely across trading floors. The Financial Times said firms can still stay selective on junior headcount, a pattern that fits an industry that has been adding technology while keeping tighter control of compensation and staffing. (ft.com) The setup is different from the low-volatility stretches that favor steady lending over fast markets businesses. In 2026, the banks with the biggest fixed-income, currencies and commodities desks and equities franchises are again showing why trading can offset slower or less predictable dealmaking. (ft.com) (cnbc.com) The next test is whether executives treat this quarter as a windfall or the start of a longer run. By Wednesday, April 15, investors should have a clearer read on how much of the trading surge turns into higher pay, stronger guidance and bigger balance-sheet ambitions. (goldmansachs.com) (jpmorganchase.com) (citigroup.com) (wellsfargo.com) (investor.bankofamerica.com) (marketbeat.com)
