US banks post mixed Q2 earnings as deposits hit $1 trillion and rate pressures diverge

Big U.S. banks reported second‑quarter 2026 results that highlight divergent paths in a prolonged high‑rate environment. Bank of America posted a 15% revenue rise to $31.6 billion and lifted its net‑interest‑income guidance, citing a low‑cost deposit base that fuels margin expansion. JPMorgan Chase showed similar strength, while Goldman Sachs emphasized an AI‑driven mergers‑and‑acquisitions cycle to offset rate‑related headwinds. In contrast, Wells Fargo saw net‑interest‑margin compression despite a 16.5% jump in net income, relying on loan‑volume growth to offset pricing pressures.

Citigroup’s treasury and payments division delivered a standout performance, with average deposits climbing to roughly $1 trillion and revenue up 18% year‑over‑year. The unit generated a 30.9% return on tangible common equity, far above the firm‑wide level, and saw cross‑border transaction value rise 13%. Citi’s results underscore the growing complexity of corporate treasury functions as global supply chains become more distributed and firms seek integrated cash‑management solutions.

Overall, the earnings season reflects both the resilience of certain banking models to elevated rates and the strategic importance of transaction‑banking platforms in a shifting global commerce landscape.