Finally, more fear than harm. Financial institutions largely came through the crisis thanks to their trading activities. Portfolio reallocations boosted volumes, boosting equity trading revenues.

Morgan Stanley posted net earnings of $4.3 billion ($2.6 per share), up $1 billion year-on-year ($2.02 per share in 2024), thanks to the performance of its securities trading business.

Wells Fargo is also doing well, boosted by wealth management. Higher commissions and volumes enabled it to post net earnings of 4.89 billion dollars (1.39 dollars per share vs. 1.23 expected), and a 6% rise in revenues to 4.62 billion.

De son côté, JPMorgan, America's leading bank by assets, also exceeded expectations with net earnings up 9% to $14.64 billion ($5.07 per share).

BlackRock, on the other hand, posted more mixed results: sales up 12%, but net income down 4% to $1.5 billion, due to lower performance fees. Good news for shareholders, however: earnings per share climbed 15% year-on-year to $11.3.

Banks call for vigilance

Executives remain on guard for the rest of the year. "Uncertainty and anxiety about the future of the markets and the economy dominate customer conversations," sums up Larry Fink, CEO of BlackRock.

Jamie Dimon, head of JPMorgan, refers to "considerable turbulence", pointing to stubborn inflation, high deficits, still buoyant asset prices and high volatility. He also regrets that pricing policies have held back many strategic operations.

The CFO of Morgan Stanley cites further potential revisions to GDP growth to be reflected in subsequent quarters.

Analysts are concerned about the weakness of the IPO market, the lack of momentum on major deals, and the gloomy climate linked to a possible prolonged trade war. All of these factors are likely to dampen advisory and investment activity in the second quarter.

A quarter saved by traders

Volatility benefited trading desks, whose performance helped limit the damage. Overall, investment banking revenues rose by 8% over the quarter. On both the upside and the downside, every market movement is worth taking: the banks were able to maneuver. But what's next looks less comfortable. Next up for investors: the results from Goldman Sachs, Citigroup and Bank of America next week to close the quarterly announcements for financial institutions.