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.

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.

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%.

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.

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

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.