There was a broad surge in trading revenue across Wall Street in the second quarter, fueled by market volatility set off by President Trump’s tariffs.

Citigroup, Goldman Sachs and other major banks post massive trading gains as market volatility defines Trump’s economic landscape.

Trading desks across Wall Street have benefited as President Donald Trump’s tariff policies have roiled markets for bonds, currencies, commodities and stocks.

Goldman Sachs’s second-quarter profit climbed 22% from a year ago to $3.72 billion, the investment bank said Wednesday. Earnings per share were $10.91, topping Wall Street’s estimates for $9.69, according to analysts’ estimates compiled by FactSet.

Profits at Goldman Sachs surged from boosts in trading and dealmaking, the latest example of how big Wall Street banks were able to recover from the market chaos triggered by President Trump's tariffs.

Both BofA and Morgan Stanley forecast the central bank to reduce policy rates twice each in August and November this year, while Goldman Sachs expects sequential cuts from November through March 2026 to a 3% level. The UK's benchmark bank rate currently stands at 4.25%.