Wall Street banks were optimistic Donald Trump’s second term would unleash a dealmaking boom. Instead, it’s delivered a trading bonanza.   

First-half trading revenue at the five biggest lenders jumped $10 billion from last year to a record level, with tariffs and tax policy driving a surge of activity across equity, currency and bond markets. Investment-banking revenue, meanwhile, nudged up less than $1 billion, and is still almost 40% below the 2021 peak as that same volatility weighed on merger and IPO volumes.   

For more on earnings results from the world's biggest banks, Tim Stenovec and Katie Greifeld speak with Ken Leon, Director of Equity Research at CFRA.