U.S. Megabanks Report Strong Earnings Amid Consumer Banking Challenges and Market Uncertainty

The four largest U.S. megabanks—JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup—along with Goldman Sachs and Morgan Stanley, reported solid fourth-quarter earnings for 2025, driven by strong performance in capital markets and wealth management. Consumer banking showed steadier, less robust results, reflecting a K-shaped economy with varied consumer resilience. Despite strong earnings, megabank shares have declined recently amid investor caution over potential credit-card rate caps, Federal Reserve policies, and geopolitical uncertainties affecting future growth.