Wall Street’s largest banks reported some of their strongest earnings on record, but much of the growth came from businesses outside their traditional consumer lending operations.
Bank of America, JPMorgan Chase, Wells Fargo, Citigroup, and Goldman Sachs all beat expectations for the second quarter, capitalizing on a surge in trading, dealmaking, and asset management fees. Traditional banking—checking accounts, mortgages, auto loans—also grew, but modestly. The real fireworks came from the parts of the business that thrive and dive with the stock market.
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