Wall Street’s six largest banks posted over $16 billion in equities trading revenue in the first quarter, according to CNBC. Trump’s return to office was expected to boost investment banking, but sluggish deal activity has left trading desks as the primary beneficiaries. Bank analyst James Shanahan said ongoing market volatility will likely keep equities trading desks busy for the foreseeable future. Strong trading profits are expected to support large banks as they prepare for potential losses from deteriorating loans. JPMorgan forecasts U.S. unemployment will rise to 5.8% later this year, up from 4.2% in March.
