Matt Frankel

Equities trading was another strong point.

Like you mentioned, investment banking loves volatility.

It's common in times of market turbulence.

Bank of America and JPMorgan Chase, just to name another two examples, in addition to Goldman and Morgan, they saw equities trading revenue rise by 23% and 40%, respectively.

Another interesting trend that I saw is, consumers appear to be stronger than many experts thought, or at least more confident, maybe not stronger.

Deposit growth has been stronger than I thought.

Loan growth has really been stronger than I thought.

Bank of America's loan portfolio grew 8% year over year.

And most banks have reported lower than expected loan loss provisions, indicating that their loans are performing well.

The big question, in my mind anyway, is, why did the big four bank stocks drop after earnings yesterday?

As you said, Goldman and Morgan are lifting the sector today, but the initial reaction to all the big bank earnings was negative.

There wasn't much to dislike in their earnings reports, although some banks missed estimates on investment banking fees, some missed estimates on fixed income trading.

But these stocks have been excellent performers over the past year.

Just to name a couple, Wells Fargo is up 65% in 2025 alone.

Goldman Sachs gained 50% last year.

So, a pullback on what I would call strong but not stellar earnings isn't that big of a surprise.

Yeah, I think everybody agrees that there's a credit card problem in the United States.

It's definitely a problem that we have way too much credit card debt, we're paying too much in interest every year.

I don't think a 10% credit card rate cap is practical, nor do I think it's the best solution to the problem.

And it certainly is a problem.