Strong Numbers Across the Board for Banking Sector

The American consumer is holding steady, as banks had one of the best second quarters in history.

The top six United States banks generated about $40 billion in profit, a 20% increase from one year ago.

The quarter started with anxiety over tariffs and ended with optimism reflected in all-time highs for markets.

JP Morgan alone brought in $15 billion in profit. Even the turbulence in the market served to benefit financial institutions.

Recession risk has been thwarted, and JP Morgan is sending out signals that there is less systemic risk in the economy despite a continuous cautionary tone.