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Trump’s Economic Inheritance

Despite a number of complex and even chilling signals, the new president will inherit the stable economy that his predecessor achieved but could never articulate—Trump’s latest stroke of luck in a lifetime of unprecedented good fortune.

donald trump nyse wall street
Goldman Sachs’ chief credit strategist expressed concern about the effect Trump II will have on tariffs and immigration—not to mention the impact that extending the 2017 Trump tax cuts will have on deficits and the national debt level. Photo: Spencer Platt/Getty Images
William D. Cohan
January 19, 2025

Wall Street is gearing up for a big year in investment banking. The six largest U.S. banks generated $36 billion in profits in the fourth quarter of 2024, more than double what they made during the same period in 2023. For the full year, these banks generated a net income of $146 billion, led by Jamie Dimon’s powerhouse, with net earnings of $54 billion. For JPMorgan Chase, Goldman Sachs, Morgan Stanley, Wells Fargo, Citigroup, and Bank of America, that appears to be the amuse-bouche before another expected earnings feast in 2025. Can anything ruin the party?