The Globe and Mail reports in its Thursday edition that JPMorgan, Wells Fargo & Co. and Goldman Sachs posted quarterly and annual financial results on Wednesday that beat expectations, and largely expressed a go-go attitude about what is ahead after president-elect Donald Trump is inaugurated next week. A New York Times dispatch to The Globe reports that JPMorgan earned $14-billion in profits in the fourth quarter, and nearly $59-billion for the full year (all figures U.S.). Wells Fargo made $5.1-billion in the fourth quarter and $20-billion for the year and said wealthy depositors were plowing more money into its higher-end savings products. Citigroup, which topped estimates, reported net income of $2.9-billion in the quarter and $12.7-billion for the full year.
Goldman Sachs, which saw fourth quarter profits of $4-billion and $14-billion for 2024, said it had success connecting risky companies looking for money to clients willing to lend it, typically a sign that credit conditions, as Wall Street puts it, remain fluid.
Investment bankers thrive in an enthusiastic environment for activities like mergers, acquisitions and IPOs. All the major banks that reported earnings on Wednesday said they saw boom times ahead.
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