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Major U.S. banks reported strong trading revenues during the first quarter of 2026 as volatility linked to the Iran conflict boosted activity across financial markets, Archie Mitchell reported for BBC News.

Combined profits of the six largest U.S. banks reportedly reached $47.7 billion during the first three months of 2026. (Photo: Coolcaesar, Wikimedia Commons)

ExxonMobil and Chevron both posted earnings declines from a year earlier due to supply disruptions tied to tensions in the Middle East.

However, both companies still exceeded analysts’ expectations and projected stronger profits if oil prices remain elevated.

Large Wall Street banks also benefited from heightened market activity. JPMorgan Chase reported record trading revenue of $11.6 billion during the first quarter, helping deliver one of the bank’s strongest quarterly profit performances.

Across the six largest U.S. banks — including Bank of America, Morgan Stanley, Citigroup, Goldman Sachs, Wells Fargo, and JPMorgan — combined profits reportedly reached $47.7 billion during the first three months of 2026.

Analysts said investors seeking safer assets and attempting to capitalize on market swings helped drive trading volumes higher.

“Weakness and volatility in financial markets have benefited investment banks, particularly Morgan Stanley and Goldman Sachs,” said Susannah Streeter of Wealth Club.