Bank chiefs confront wealth gap as profits hit records
JPMorgan, Goldman Sachs and BNY posted standout results as executives pointed to affordability concerns and unequal access to wealth building.
By Sofia Marchetti · World Affairs Correspondent
3 min read
America’s largest banks are posting record results as some of their top executives acknowledge that many households are not sharing in the gains. Federal Reserve data show the top 0.1% of U.S. households hold almost six times as much wealth as the bottom half, a gap that is drawing comments from bank leaders during a strong earnings season.
JPMorgan Chase CEO Jamie Dimon told a reporter that resentment toward the wealthy is rising because “we have, in fact, left the lower-income folks behind,” according to Fortune. JPMorgan has just reported its best quarter, Fortune reported, and Goldman Sachs also posted a record quarter.
Wells Fargo CEO Charlie Scharf raised concerns about affordability as the bank reported a 17% increase in profit, Fortune reported. The comments point to a tension for Wall Street: banks are benefiting from strong performance even as executives describe pressure on lower-income Americans.
Fortune also reported that an unnamed C-suite financial services executive recently called for a national campaign that frames paying taxes as a civic duty and highlights the role taxpayers have played in building the country. The executive declined to make the remark on the record, telling Fortune they were unsure whether taxpayer money is being spent well.
BNY CEO Robin Vince tied the issue to access to investing. In an interview with Fortune, Vince said “40% of people in America don’t have direct exposure to the stock market and that’s a problem because they’ve missed out on some of the success of the nation.”
BNY is serving as the designated financial agent and custodian for the U.S. Treasury’s tax-advantaged Trump Accounts, according to Fortune. Vince said the program “transcends politics and is a good piece of public policy,” adding that he hopes it can endure by expanding participation and helping more people build wealth.
BNY also reported record earnings for the second quarter of 2026. The bank said earnings per share rose 27% to $2.45, and revenue increased 13% from a year earlier to $5.7 billion.
Some executives frame the concentration of wealth differently. Fortune reported that a technology founder-CEO, speaking at a media dinner, argued that extreme founder wealth would “eventually” return to the public through charity when asked about the morality of founders competing to become trillionaires during a period of widening income inequality.
The discussion comes as bank earnings highlight both the strength of major financial institutions and the broader question of who benefits from economic growth. The Federal Reserve wealth data, the bank results and the executives’ comments together show how inequality has become a boardroom issue even in one of Wall Street’s strongest reporting periods.
This story draws on original reporting from Fortune.