Major U.S. banks, including JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and Goldman Sachs, are scheduled to report their second-quarter results on July 14, with Morgan Stanley following on July 15. Expectations are high for a strong performance, particularly in trading and investment banking. Analysts anticipate a significant rise in fee revenue, estimated at $11.1 billion across these banks, largely propelled by the SpaceX IPO, which generated approximately $500 million in fees for the banks involved. Overall trading revenue is projected to be around $39 billion, with market revenue expected to increase by at least 15% year-over-year for the largest global banks, primarily driven by equities.
The banking sector is benefiting from increased market volatility due to ongoing geopolitical tensions and the economic impact of artificial intelligence, allowing banks to actively capture the upside from these fluctuations. Global investment banking revenue surged to $61.4 billion in the first half of 2026, marking a 24% increase from the previous year. JPMorgan Chase remains the global leader in investment banking revenue, while Goldman Sachs leads in M&A advisory, having advised on over $1 trillion in announced mergers and acquisitions by mid-2026. Goldman Sachs and Morgan Stanley, both heavily involved in the nearly $86 billion SpaceX IPO, are expected to show strong outperformance in equities.
Individual bank forecasts reveal optimism: JPMorgan's CEO Jamie Dimon expects investment banking fees to rise 10% or more. Bank of America's Co-President Jim DeMare anticipates market revenue growth exceeding 15%, fueled by equities. Citigroup's CFO Gonzalo Luchetti projects high-single to low-double digit increases in trading revenue and mid-teen growth in investment banking revenue. Wells Fargo's CFO Mike Santomassimo foresees a net interest income "step up" in the second quarter. While trading revenue is strong, some analysts, like Morningstar's Sean Dunlop, caution that it may slow compared to the first quarter's exceptional volatility. Investors will also be scrutinizing loan growth, net interest margins, and credit metrics for the second half of 2026 amid concerns about inflation and consumer spending.
