WSJ What’s News What’s Behind Wall Street’s Bumper Year
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Dec 12, 2025 
David Benoit, Wall Street editor at The Wall Street Journal, reveals what’s fueling a record year for banks like JPMorgan Chase and Bank of America. He discusses M&A activity, trading volatility, and the push for AI investments. Greg Ip, chief economics commentator, explores the surprising shift in political rhetoric on climate change, moving from urgency to a more measured approach. Together, they provide insights into the evolving landscape of finance and environmental policy, highlighting key shifts that are shaping the current economic climate.
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Why 2024 Was Huge For Wall Street
- Chaos and deal activity have translated into one of Wall Street's best years for fees and trading revenue.
- Companies chased deals and clients increased trading and borrowing, driving record markets revenue for banks.
Deals And Uncertainty Fueled Fee Growth
- Big M&A deals and political signals about deal approvals boosted investment-banking fees.
- Market turmoil and Fed uncertainty also increased client trading activity and demand for bank services.
Prepare For A Spending Sprint In Banking
- Banks are shifting to growth mode and preparing to spend aggressively to win business in 2026.
- Expect big investments in AI, talent, and customer-facing systems as firms chase fee pools.