America's Biggest Banks Poised for $31bn Profit Boost as Trump Victory Sparks Market Activity

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America's Biggest Banks Poised for $31bn Profit Boost as Trump Victory Sparks Market Activity
BANK PROFITS,TRUMP VICTORY,WALL STREET

America's largest banks anticipate a surge in profits to $31 billion for the last quarter of 2024, fueled by increased trading and dealmaking following Donald Trump's election win. Earnings from the six largest US banks are projected to rise 16% compared to the same period last year, excluding $10 billion in payments made to cover regional bank failures. The anticipated increase in profits comes amidst a rise in market volatility leading up to the US election and a subsequent rally in equities. Investment banking fees are expected to jump nearly 30%, driven by corporate debt issuances and equity offerings.

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America’s biggest banks are set to post a jump in profits to $31bn for the final three months of 2024 as Donald Trump’s election victory sparked a jolt of trading activity on Wall Street and dealmaking activity picked up.

Some analysts worry that these gains will have set a very high bar for big banks to reach when they report fourth-quarter earnings this week. “You could see a sell-off even if the numbers are reasonably good,” said Christopher Whalen, a veteran industry analyst, who is the head of Whalen Global Advisors. “The stocks have given a little back since the November rally, but the market values still represent exuberance.

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