Finance

The Charlotte, North Carolina bank reaped the benefits of volatile markets and net interest income topped analysts' estimates in the first quarter.

Just three months after hailing a positive "sentiment shift" following last November's election, Goldman Sachs CEO David Solomon lamented President Trump's trade war and said "the prospect of a recession has increased."

The Buffalo, New York-based bank also said Monday that the commercial real estate lending market has started showing signs of life, but that the renewed competition is crimping its loan growth.

Equity-trading revenue rose 27% from a year earlier to $4.19 billion for the first three months of the year.

Lower credit costs and better expense control helped the San Francisco-based titan offset the impact of lighter-than-expected revenue.

A bill being introduced by Sen. Catherine Cortez Masto, D-Nev., would compel the Federal Home Loan Bank System to contribute 30%, or a minimum of $200 million, of each bank's net earnings into affordable housing or other community development programs.

The chief executives at four of the nation's largest banks weighed in on what evolving trade policies mean for their businesses and the U.S. economy. "I think you have to be a little bit pessimistic here," said Bank of New York Mellon CEO Robin Vince.

The JPMorgan Chase CEO said Friday that recent turmoil in the bond market highlights the need for more capital and liquidity flexibility.

Bank of New York Mellon's earnings blew past Wall Street's expectations, but CEO Robin Vince said the bank is bracing for long-lasting uncertainty.

The first three months of the year coincide with the start of President Donald Trump's second term in office. Investors are likely to be more interested in banks' outlooks amid swings in tariff policy than the first-quarter results.