“Big Banks Smash Earnings Records, but ‘Tectonic’ Risks Loom”
August 3, 2026
“In a world of uncertainty, Wall Street continues to find a way to make money. That was underscored on Tuesday when, amid the latest flare up in the war with Iran, the five largest banks in the United States reported a collective $49 billion in profits in the second quarter, smashing records and exceeding analysts’ projections…
The banks cited little evidence that topsy-turvy energy prices, driven higher by the protracted conflict over the Strait of Hormuz, or even a relatively stagnant environment for wages are weighing heavily on the economy or their core businesses…”