Big-bank earnings show trading, IPO and M&A activity accelerating

Large U.S. banks reported strong second-quarter results driven by trading volatility and renewed capital-markets activity. JPMorgan reported $6.14 of adjusted EPS and about $58 billion of managed revenue; AP said markets revenue rose 35%, equities revenue rose 86%, and investment-banking revenue rose 30% to its highest level since 2021. Bank of America reported $9.1 billion of net income, while Wells Fargo reported $6.41 billion, with markets revenue up 24% to $2.21 billion. The results support a stronger IPO and M&A pipeline, although JPMorgan’s reported net income varies across sources because some presentations include additional or special items.