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Major US banks reported unexpectedly strong second-quarter profits, exceeding analysts' forecasts by a significant margin. Profits surged over 20% year-on-year, reaching approximately $39 billion collectively for the six largest banks. This boom is attributed to increased stock and bond trading, corporate acquisitions, and robust loan activity, despite initial market turmoil caused by President Trump's tariff policies. The resilience of the American consumer and a resurgence in investment banking activities contributed to the positive financial results, defying earlier recession predictions.

Prepared by Christopher Adams and reviewed by editorial team.