Bank of America and Other Wall Street Giants Benefit from the Dealmaking Comeback

Bank of America experienced an impressive profit surge in the fourth quarter thanks to the revival of Wall Street deal-making. The financial giant's profit more than doubled, reaching $6.7 billion, representing a 111% increase compared to the same period last year. CEO Brian Moynihan expressed optimism about future prospects and highlighted the broad business revival that makes the year 2025 appear promising. The bank performed particularly well in investment banking, which was boosted by a 45% increase in fees. The trading business also benefited with a 13.5% increase compared to the third quarter of 2023. Increased customer activity, driven by the volatility of the U.S. presidential elections, generated revenues of $4.1 billion. Not only Bank of America but other major banks like JPMorgan Chase, Goldman Sachs, Citigroup, and Wells Fargo also saw positive developments in the fourth quarter. Particularly noteworthy is JPMorgan Chase, which set a record in the history of the American banking sector with an annual profit of $58 billion. Many bankers hope that the upward trend in deal-making will continue in the coming year, supported by political expectations under the new government in Washington. Financial actors especially hope that certain regulatory relaxations will create more room for future mergers and increasing profits.