On July 14, 2026, the five biggest names in U.S. banking, JPMorgan Chase, Goldman Sachs, Bank of America, Citigroup, and Wells Fargo, dropped their second-quarter results, and the numbers were not subtle. Goldman Sachs posted the best quarterly performance in its history. JPMorgan’s profits jumped 41% year-over-year.
The numbers that turned heads
Goldman Sachs reported diluted earnings per share of $20.98, nearly double what it posted in the same period a year earlier. Net revenues came in at $20.34 billion, a 39% increase year-over-year.
JPMorgan Chase reported a 41% year-over-year profit increase, with strength concentrated in investment banking and trading operations. Combined, the five reporting banks were expected to approach nearly $39 billion in trading revenue for the quarter.
Analysts heading into earnings season had penciled in roughly 23% profit growth for the S&P 500 as a whole. July 14 also happened to be the day June’s Consumer Price Index data landed.
What drove the surge
Trading revenues and investment banking fees were the twin engines behind the quarter’s results. Investment banking, which had been in a prolonged drought following the rate-hike cycle of prior years, showed clear signs of revival.
The crypto silence and what it signals
Across all five major bank reports, there was no reference to crypto tokens, digital asset revenue lines, or blockchain-related business activity. Not a footnote. Not a risk factor update. Nothing.
The crypto industry has spent considerable energy over the past several years arguing for a seat at the table with traditional finance. Spot Bitcoin ETFs launched in the U.S. Institutional custody solutions matured. Major asset managers added digital asset exposure. And yet, when the biggest banks on earth reported their most profitable quarters in recent memory, digital assets were not part of the story.
If crypto were genuinely moving the needle for Goldman or JPMorgan, their investor relations teams would have said so. Quarterly earnings calls are not known for burying good news.