Most industries would celebrate a strong year and slow down, but America’s biggest banks are going all in. Investment banking and trading revenues have surged across JPMorgan ChaseJPM

, Bank of AmericaBAC

, CitigroupC

, and Goldman SachsGS

, fueled by a sustained demand for market services. Now, instead of banking their winnings, these institutions are doubling down on plans that signal confidence in 2026 and beyond.

Cashing in on chaos: Bank executives offered upbeat early fourth-quarter reads at Goldman’s financial conference, pointing to strong momentum across Wall Street. Investment banking fees are rising as M&A and IPO activity returns, while volatility has been “profitable rather than destructive.” Goldman CFO Denis Coleman said the firm is on track for its “second biggest year in history” for banking fees as “jumbo” deals finally move through, and Bank of America CEO Brian Moynihan optimistically noted, “Deals are getting done.”

• JPMorgan’s Marianne Lake sees Q4 banking fees up single digits, with trading revenues jumping in the low teens year-over-year.
• Citigroup CFO Mark Mason is more bullish, projecting a 20% surge in banking fees as Jane Fraser’s turnaround continues to gain traction.

What Comes After the Banner Year?

Rather than sitting on profits and waiting for clearer economic signals, banks are leaning into growth they view as sustainable. JPMorgan plans to boost expenses by nearly $10B next year to expand its branch network and overhaul parts of its credit card business, while Bank of America is stepping up hiring at Merrill Lynch at levels not seen in years, signaling confidence in winning market share. Even tariff scares and a government shutdown failed to derail what traders are calling one of the strongest years on record.

• Bank of America hit its first record high since 2006, marking a full post-crisis recovery under Moynihan’s “responsible growth” strategy.
• Citigroup now trades at or above the sum of its parts for the first time since 2018, validating Jane Fraser’s turnaround and earning a “Buy” upgrade from Mike Mayo.

Competitive fire rising: The strong year has intensified rivalries as banks lean into growth after years of post-crisis caution. Lake acknowledged the shifting landscape, noting that “some of our traditional competitors are leaning back into growth. So, you know, bring it on.” The key question now isn’t whether Wall Street had a great year, but whether the industry can sustain this momentum when the music eventually stops.