Big U.S. Banks Post Record AI‑Driven Revenue Gains

Chairman and CEO of JPMorgan Chase & Co. Jamie Dimon and Goldman Sachs chairman and CEO David Solomon jointly demonstrated that the global artificial intelligence boom is yielding substantial upside beyond tech בשביל companies. The two powerhouses posted record quarterly revenue surges, led primarily by a dramatic uptick in equities trading and investment‑banking activity.

The data confirm a strong AI‑driven momentum in financial markets, according to JPMorgan CFO Jeremy Barnum, who noted 39% growth to $20.3 billion for Goldman and 27% to $58 billion Porsche for JPMorgan.

While most headlines spotlight AI hardware players such as NVIDIA, the bank sector has already captured the economic upside. Goldman, JPMorgan and other large banks are actively advising on AI‑related M&A, financing data‑center construction and power infrastructure, underwriting debt and equity offerings, and handling the increased trading volumes that accompany the worldwide push for AI deployment.

Goldman’s senior leadership highlighted a “ripple effect” across the U.S. economy – a new series of financing opportunities spanning public and private markets. “We are right in the midst of an AI cap ).
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“We’re entering a compound series of realities,” Goldman’s CEO David Solomon said. The investment bank is positioning itself for a 3‑5‑year cycle, which he said is still in its early phase.

During the week, Goldman shares surged 8% in after‑hours trade, while JPMorgan climbed 2%.

AI’s Tipping Point in Bank Profitability

AI’s reach has expanded well beyond chips and software to include power utilities and infrastructure providers. The three largest U.S. banks – Goldman, JPMorgan and Morgan Stanley – are frontr Apex drivers of this shift, according to Wells Fargo banking analyst Mike Mayo.

Mayo said the AI investment boom “reached a tipping point” in the second quarter. He subsequently ramped up his price targets for Goldman and JPMorgan, while Morgan Stanley is scheduled to report earnings on Wednesday.

Notably, a GE Vernova gas‑turbine unit was showcased during a media tour of the Stargate AI data center in Abilene, Texas, on September 24, 2025 – underscoring how data‑center construction is intertwined with the AI boom.

Equity‑trading revenue – the largest contributor to this surge – rose 86% to $6 billion at JPMorgan and 72% to $7.42 billion at Goldman, a combined $4.4 billion above analyst expectations.

Bank of America’s equity‑trading earnings also leapt 70% to $3.6 billion, reflecting its increasing exposure to AI benefits.

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Shareholders channeled capital into AI beneficiaries across Asia – South Korea, Taiwan, and Japan – a strategic move highlighted by Soofian Zuberi, Senior Vice President, Global Markets at Bank of America, who stressed that investors were seeking the most compelling AI reflections beyond the U.S.

Driving Transactions and Advisory Fees

The banks’ AI momentum also translated into robust advisory banking revenue during the quarter. Investment‑banking earnings jumped 55% to $3.4 billion at Goldman and 30% to $3.3 billion at JPMorgan, surpassing analyst forecasts by $1 billion.

Key transactions included Goldman’s lead advisory role for the SpaceX IPO, Alphabet’s $90 billion equity issuance, and Dominion Energy’s sale to NextEra Energy – all underpinned by an AI‑focused market environment.

Bank of America saw a 50% year‑over‑year increase, reaching $2.1 billion in investment‑banking fees. At the same time, they report higher efficiency and revenue from internal AI deployments, paving the way for staffing optimization and cost control.

“AI is seamlessly integrating into banking processesfrastructure: it streamlines operationsaposessed you’re not too??,” Zubieri explained, highlighting how technology is both a driver and a beneficiary of the banking industry, especially as it funds expansion of data‑center infrastructure.”

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