Wall Street Boom Fuels Record Profits at Big Banks

Wall Street Boom Fuels Record Profits at Big Banks

Wall Street’s largest banks reported some of their strongest earnings on record, but much of the growth came from businesses outside their traditional consumer lending operations. Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Goldman Sachs all beat expectations for the second quarter, capitalizing on a surge in trading, dealmaking, and asset management fees. Traditional banking—checking accounts, mortgages, auto loans—also grew, b…