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THENATIONALPULSE (Pulse Wires) - U.S. Banking Industry Rakes In Record Profits.

Major U.S. banks have reported record profits despite ongoing inflation and economic pressures tied to the war with Iran and disrupted trade in the Strait of Hormuz.

PULSE POINTS WHAT HAPPENED: America’s largest banks reported a combined $43 billion in second-quarter profits, exceeding analysts’ expectations despite ongoing conflict with Iran, persistent inflation, and broader economic uncertainty. JPMorgan Chase led the group with $21 billion in profit, boosted by a $4.6 billion gain tied to its stake in Visa, as well as strong investment banking activity driven by mergers, acquisitions, and artificial intelligence (AI) financing deals. DETAIL: Goldman Sachs earned $6.6 billion, while Bank of America posted $9 billion on strong trading and investment banking results, and Wells Fargo reported more than $6 billion as consumer and business lending increased. Bank executives said relatively low loan…Open