Wall Street banks report record trading revenue as markets swing

Wall Street’s biggest banks posted record profits from stock trading in the first quarter of 2025, driven by market volatility linked to global trade tensions after President Donald Trump’s tariff announcements.

Goldman Sachs earned $4.19 billion in equity trading revenue (a 27% rise), while Morgan Stanley made $4.13 billion (a 45% increase). JPMorgan Chase reported $3.81 billion, up 48%. All three shattered their previous records, boosted by high client activity and rapid market shifts.

Market swings drive big gains
Trump’s announcement of the steepest US tariffs in over a century—followed by swift reversals—triggered intense market swings. 

JPMorgan experienced some of its highest-volume trading days in early April. Bank of America reported trading volumes up 50% compared to the same time last year. 

Citigroup moved closer to its profitability goal as traders beat expectations, generating $6 billion in revenue. 

Fixed income rose 8%, equities jumped 23%, and wealth and retail units posted record earnings, topping the $5.74 billion analyst estimate. The bank’s shares rose 2.7% but are still down this year.

Traders acted swiftly amid uncertainty, creating what banks call “good volatility”—profitable but risky swings.

Market makers like Citadel Securities and Virtu Financial broke records in April. 

According to bank leaders, clients are highly active, rapidly buying and selling to navigate the volatility. However, they caution that extreme swings can make trading harder and reduce liquidity.

As Trump shifts his tariff stance—from bold threats to sudden retreats—investors remain on high alert. For now, Wall Street is thriving in the turbulence.