NEW YORK, Jan. 15 (Xinhua) -- U.S. big bank profits surged in the fourth quarter and Wall Street roared back to life, with net income rising 50 percent at JPMorgan Chase and more than doubling at Goldman Sachs.
"The banks benefited as big corporate clients grew optimistic about the economy and the incoming Trump administration, spurring a return to deal making, fundraising and trading," reported The Wall Street Journal on Wednesday about the development.
Bankers said that an enormous appetite for capital is being driven by an acceleration of deal activity and companies' financing needs. Corporate clients and CEOs around the world are increasingly confident and looking to finance big-ticket investments, ranging from data centers to major technology upgrades. That has banks projecting more business in coming months as well.
JPMorgan Chase's fourth-quarter profit jumped to 14 billion U.S. dollars, amounting to 4.81 dollars a share, and revenue rose 11 percent to 42.77 billion dollars. At Goldman Sachs, profit more than doubled to 4.11 billion dollars, amounting to 11.95 dollars a share, and revenue rose 23 percent to 13.87 billion dollars.
