The five largest U.S. banks — JPMorgan Chase, Goldman Sachs, Bank of America, Wells Fargo, and Citigroup — collectively earned $49 billion in net profit in the second quarter of 2026. These figures are not just a record. They demonstrate how traditional financial institutions are maximizing profits from assets and services that the crypto industry seeks to replace: payment infrastructure, settlement services, and transaction intermediation.
The quarter's biggest winner was JPMorgan, with a net profit of $21.2 billion — a 41% year-over-year increase. Equity trading revenue surged 86% to $6.03 billion, while total trading revenue hit a record $12.1 billion. Investment banking fees rose 30% to $3.3 billion — the best result since 2021. Notably, profit of $4.6 billion from its stake in Visa serves as a clear example of how owning payment infrastructure generates steady rental income.
Goldman Sachs reported a record earnings per share of $20.98 on net revenue of $20.34 billion. Net profit stood at $6.63 billion, and return on equity reached an all-time high of 23.5%. The key driver was underwriting: fees from equity offerings rose 130%, and from debt issuance — 75%. Total investment banking fees jumped 55% to $3.40 billion.
Bank of America posted a net profit of $9.1 billion (+27%), Wells Fargo — $6.4 billion, and Citigroup — $5.8 billion, compared to $4 billion a year earlier.
Infrastructure is More Profitable Than the Product
The modern financial system can be compared to a toll road for money. Trading terminals, custodial vaults, clearing services, and settlement hubs — all charge fees for every transaction. In the second quarter, it was these "tolls" that brought banks the lion's share of their income.
Traditional lending, where banks profit from the spread between rates, remained stable but saw little growth. The difference is fundamental: income from infrastructure grows with increased activity, while profit from lending only changes with interest rate shifts.
A contrasting example is IBM. The company reported preliminary revenue of about $17.2 billion, falling short of expectations. IBM shares dropped 22% in pre-market trading. Corporate budgets are shifting toward chips, energy-intensive solutions, and data center capacity — a technological version of new infrastructure, rather than old software.
Why This Matters for the Crypto Market
Record profits from investment divisions confirm high market liquidity and investors' willingness to take risks. Historically, such phases of the monetary cycle support the price of Bitcoin and altcoins. Following the approval of spot Bitcoin ETFs in the U.S., the crypto space is developing in sync with the traditional stock market.
Notably, the banks themselves are actively building digital infrastructure. More than 15 major banks are competing for leadership in financial tokenization on their own closed networks. JPMorgan's blockchain unit Kinexys has processed transactions worth over $4 trillion since launch, with an average daily volume exceeding $7 billion. The JPMD deposit token now operates on Base — a public Ethereum network.
BlackRock and HSBC recently joined a British asset tokenization initiative, which the government estimates could add $44 billion to the country's annual GDP by 2035. A new Strategy index estimates Bitcoin adoption among leading banks at 32%.
My analysis: Traditional banks fully understand that their current business model — collecting fees for infrastructure — is under direct threat from decentralized finance and stablecoins. That is why they are not resisting but actively building their own blockchain infrastructure. The main question is not whether cryptocurrency will replace banks, but who exactly — traditional giants or new protocols — will build the settlement system of the future.