Fourth-quarter 2024 profits at Bank of America (BAC) and Morgan Stanley (MS) more than doubled, cementing a Wall Street revival that has dealmakers optimistic about the coming Trump era in 2025. Strong investment banking and trading results also helped push profits higher at other big banks in the fourth quarter,

Bank of America and Morgan Stanley are next up in a series of bank earnings reports due out this week. The firms report fourth-quarter results on Thursday morning. Their competitors—JPMorgan Chase, Wells Fargo,

Richard Ramsden, an analyst from Goldman Sachs, maintained the Buy rating on Bank of America (BAC – Research Report). The associated price

Bank of America stock, for example, was down 2% after reporting a 116% spike in earnings. M&T Bank, US Bancorp, and PNC Financial were all down about the same, or more. Only Morgan Stanley stock was rising Thursday, but it is primarily an investment bank and asset manager, and less a consumer bank.

Here are some of the major companies whose stocks moved on the week’s news.

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.

JPMorgan Chase (JPM), Goldman Sachs (GS), and Wells Fargo (WFC) report on Wednesday, while Bank of America (BAC) and Morgan Stanley (MS) release results on Thursday. RBC Capital markets analyst Gerard Cassidy joins Seana Smith and Brad Smith to discuss what investors can expect from Big Bank earnings.

JPMorgan, Wells Fargo, Goldman Sachs and Citi kicked off earnings season on Wednesday with their December-quarter results.

Goldman Sachs posted its best profit since the third quarter of 2021, driven by bankers who brought in more fees from dealmaking, debt sales and strength in trading, sending its shares up 3% before the bell.

Investors are awaiting earnings from Big Banks earnings this week, watching especially closely for guidance updates. Citi (C), JPMorgan Chase (JPM), Goldman Sachs (GS), and Wells Fargo (WFC) report on Wednesday.

This backlog means that the bank expects higher bond prices and lower yields, which could result in a dealmaking activity surge in 2025 as the financing environment becomes more flexible. More than that, there is one last check investors can take home on Goldman Sachs’ balance sheet.