"Collectively, the six banks reported $47.4 billion in profits, reflecting a surge in demand for trading services as investors dumped risky stocks and bonds."
"Goldman Sachs announced its profits had jumped 19% in the first three months of the year to $5.6 billion, a figure that its chief executive hailed as a very strong performance."
"Market jitters have amplified existing fears about whether some AI companies are worth as much as claimed, and renewed concerns over the quality of loans issued by the private credit sector."
In the first quarter, major US banks earned nearly $50 billion in profits, largely due to heightened trading activity as investors sought safer investments amid market volatility caused by the US-Israeli conflict. Bank of America, Morgan Stanley, Goldman Sachs, JP Morgan, Citi, and Wells Fargo reported significant profit increases. The turmoil has raised energy prices and inflation forecasts, while also intensifying concerns about the private credit sector. JP Morgan's profits rose 13% to $16.5 billion, and Goldman Sachs saw a 19% increase to $5.6 billion.
Read at www.theguardian.com
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