The five largest U.S. banks — JPMorgan Chase, Goldman Sachs, Bank of America, Wells Fargo, and Citigroup — collectively earned $49 billion in net profit for the second quarter of 2026. This result is historic, and what is particularly telling is that the main driver was not classic credit products, but rather revenues from trading and transaction infrastructure.
JPMorgan Chase reported a profit of $21.2 billion, 41% higher than the figure from a year ago. Equity trading revenues surged 86%, reaching $6.03 billion. Total trading revenue hit a record $12.1 billion. Meanwhile, fees from investment banking services, including equity underwriting and M&A advisory, jumped 30% to $3.3 billion, the best showing since 2021. Notably, its stake in the Visa payment system contributed $4.6 billion in quarterly profit to JPMorgan.
Goldman Sachs also set personal records: net revenue was $20.34 billion, and earnings per share were $20.98. Return on equity reached 23.5%. The underwriting sector saw explosive growth: equity underwriting fees rose 130%, and revenues from debt issuance advisory increased 75%. Overall, investment banking fees surged 55% to $3.40 billion.
The other members of the "big five" also exceeded expectations: Bank of America's net profit grew 27% (to $9.1 billion), Wells Fargo earned $6.4 billion, and Citigroup posted $5.8 billion, up 45% from a year earlier.
Payment Infrastructure vs. Classic Lending
These results clearly demonstrate a fundamental shift in the business model of the largest financial institutions. The primary source of super-profits is not credit margins, but control over financial "rails": trading terminals, clearing services, settlement hubs, and payment systems. Unlike classic lending, where income depends on the difference between rates, commission income from infrastructure grows in proportion to the volume of market activity. Infrastructure owners earn on every movement of capital, regardless of its direction.
The example of IBM, whose shares fell 22% after publishing weak results, confirms the flip side of the coin. Sellers of individual products must repeatedly prove their value, while infrastructure owners receive a stable rent.
Why This Matters for the Crypto Market
The record profits of banks are not just corporate statistics. They signal high liquidity and investor risk appetite. Historically, such phases of the monetary cycle create a favorable environment for the growth of Bitcoin and altcoins. Moreover, the very concept of efficient transaction pathways, on which banks earn trillions, is a direct target for decentralized systems. Stablecoins and blockchain payments already offer round-the-clock processing of transfers anywhere in the world, and issuers of digital dollars earn income from placing reserves in government securities.
The regulatory environment in the U.S., including the GENIUS Act, has created clear rules for the issuance of payment stablecoins. Over 15 of the largest banks are already building their own tokenized platforms on private blockchains. JPMorgan, with its Kinexys project, has processed transactions worth over $4 trillion, and its deposit token JPMD has launched on the public Ethereum network (Base).
My analysis shows: Wall Street has clearly demonstrated where the main financial flows are concentrated. The main intrigue now is who will build the settlement system of the future — classic banks, stablecoin issuers, or open blockchain networks. According to Strategy, the Bitcoin adoption index among leading banks is already 32% — and this is just the beginning.