Goldman Sachs and JP Morgan unveil soaring profits

American banking giants Goldman Sachs and JP Morgan unveiled soaring profits for the start of 2021 as the outlook for the US economy improved.

JP Morgan, the country’s biggest bank by assets, revealed its net income shot up by 399 per cent to £10.4billion in the first three months.

And Goldman, which recently managed to escape unscathed from the Archegos Capital hedge fund meltdown which left other banks badly burned, reported record quarterly earnings of £5billion. 

Rising profits: JP Morgan, America’s biggest bank by assets, revealed its net income shot up by 399 per cent to £10.4bn in the first three months

This was an eye-watering 464 per cent rise on the same time last year.

JP Morgan chairman and chief executive Jamie Dimon said the results were partly driven by an improving economy.

He added: ‘With all of the stimulus spending, potential infrastructure spending, continued quantitative easing, strong consumer and business balance sheets and euphoria around the potential end of the pandemic, we believe that the economy has the potential to have extremely robust, multi-year growth.’

At Goldman Sachs, the bank’s traditional trading and investment banking units delivered bumper returns.