JPMorgan notched a record profit of $58.5 billion, up from $49.6 billion in 2023, America’s biggest bank reported on Wednesday. Goldman Sachs said its profits soared to $14 billion in 2024, compared to $8.5 billion a year earlier.

The stock market was having a generally strong day to start the week, with the S&P 500 up by about 0.6% as of 2:45 p.m. EST. However, the financial sector was performing significantly better, especially when it comes to the big banks. Wells Fargo ( WFC -0.61%) was a particular standout, with shares up by as much as 3% on Monday.

The departures from the Net-Zero Banking Alliance began with Goldman Sachs' announcement on Dec. 6 and come ahead of Donald Trump's return to the White House next week. Trump has been critical of efforts by governments to prescribe climate-change policies.

JPMorgan CEO Jamie Dimon addressed his retirement timeline, Goldman chief David Solomon talked Apple, and bankers overall appeared to exude “animal spirits.”

When President-elect Donald Trump recently floated the idea of annexing Canada, a key reason he gave was a claim that the United States was “losing $200 billion a year” to its northern neighbor.

Consumer prices rose 2.9% in December from a year earlier, marking the third consecutive monthly uptick in annual inflation.

SLB helped lead the market after the provider oilfield services delivered bigger profit and revenues for the end of 2024 than analysts expected. It jumped 6.1% after it also raised its dividend by 3.6% and said it’s returning $2.3 billion to its investors by buying back its own stock.

Five major banks have agreed to provide mortgage relief to customers affected by wildfires that have ravaged thousands of homes, businesses and structures in the Los Angeles area, California Gov. Gavin Newsom said.

This Monday, January 20, is a federal holiday, commemorating the birthday of Martin Luther King Jr. The day will result in a number of closures. This year, the holiday falls on the same day as President-elect Donald Trump’s inauguration.

Here's what's open and closed on Martin Luther King Jr. Day 2025.

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JPMorgan Chase stands head-and-shoulders above the rest of this group of largest U.S. banks by ROAA, while Morgan Stanley runs a pretty close second when its performance is measured by ROTCE. And with such a large balance sheet, it is not a stretch to call JPM the best performer in the U.S. banking industry.