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.

At $4.3 billion, equity-trading revenue for the second quarter was about $600 million more than what analysts were expecting

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, Morgan Stanley, and Bank of America posted strong Q2 earnings, driven by robust trading and selective dealmaking. Despite tariff uncertainty, Wall Street remains buoyed by big bank performance.

Two years ago, it was hard to think of a Wall Street boss under more pressure than David Solomon. The Goldman Sachs chief was wrestling with an abundance of problems, from a failed attempt at consumer banking to a wave of real estate losses. Solomon’s DJ-ing hobby, lavish bonuses, unhappy juniors and private jet habit hadn’t helped.

Morgan Stanley typically reports its quarterly results later than other big banks, but on Wednesday it joined the party. While it, like the others, revealed better-than-expected results in its trading business, aspects of its investment bank were slow compared with rivals, and Morgan Stanley’s shares dropped in early trading.