Citigroup, Goldman Sachs and other major banks post massive trading gains as market volatility defines Trump’s economic landscape.

Goldman Sachs reports record $4.3B equities revenue amidst trade war turmoil. Learn how market volatility fueled the growth.

Some top executives at Wall Street banks have been showing concern about higher inflation and potential deterioration of the U.S. economy as tariffs take effect, noting there has been more cautious behavior from corporate clients.

Two years ago, it was hard to think of a Wall Street boss under more pressure than David Solomon. The Goldman Sachs chief was wrestling with an abundance of problems, from a failed attempt at consumer banking to a wave of real estate losses. Solomon’s DJ-ing hobby, lavish bonuses, unhappy juniors and private jet habit hadn’t helped.

The New York Times said Trump waved a draft letter firing Powell at an Oval Office meeting late Tuesday. Trump had gathered a group of Republicans that had blocked a procedural vote that would have advanced crypto legislation, to convince them to let the legislation advance. Odds of Powell being fired surged to 40% on prediction market Kalshi.

Profits at Goldman Sachs surged from boosts in trading and dealmaking, the latest example of how big Wall Street banks were able to recover from the market chaos triggered by President Trump's tariffs.

Goldman Sachs’ (GS.N) second-quarter profit exceeded Wall Street expectations, as turbulent markets lifted revenue from its equities division to a record and a pickup in dealmaking boosted investment banking.