Wall Street’s biggest banks smashed records with first-quarter earnings that capitalised on market volatility sparked by the outbreak of the Iran war.
JPMorgan Chase reported the highest ever revenues from its trading business and net income for the bank that was second only to 2024, when it received a one-off windfall from the sale of its stake in Visa.
Rival Citi posted its best quarterly revenue in a decade and a 42 per cent jump in net income, lifting its shares to their highest level since the financial crisis.
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