Six lenders, including Bank of America, Morgan Stanley and JP Morgan report jump in first-quarter earnings

Big US banks raked in nearly $50bn (£37bn) worth of profits in the first three months of the year, as they benefited from stock market turbulence triggered by the US-Israeli war on Iran.

Wall Street’s largest lenders have reported a jump in first-quarter earnings, reflecting the surge in demand for trading services as investors dumped risky stocks and bonds and sought safer havens for their cash.

On Wednesday, Bank of America and Morgan Stanley posted a leap in profits, joining Goldman Sachs, JP Morgan, Citi and Wells Fargo in announcing strong results this week. Collectively, the six banks reported $47.4bn in profits.

  • mushroommunk
    3·
    1 day ago

    I was always told growing up that stocks are a way for companies to raise money to grow the business. A loan of sorts that they never have to pay back. I’ve wondered for a while if we should force payback terms and do away with the stock market.

    In reality I’m guessing people would just buy/sell the debt the way banks do with mortgages and it wouldn’t change anything