Data compiled by Bloomberg News shows that Wall Street’s biggest banks have enjoyed record profits in 2017.
Bank of America, JPMorgan Chase, Citigroup and Bank of Tokyo-Mitsubishi UFJ have made more than $1.1 trillion in profits.
That’s nearly double the $848 billion earned by the S&P 500 index, which has risen 5.9 percent over the past year.
Wall Street also has posted record profit margins, despite a slowing economy and concerns about rising financial bubbles.
The U.S. Chamber of Commerce has said it will spend $1 billion this year on a campaign to pressure banks to lower their lending rates and raise their dividend.
Read more: The WSJ: S&: Banks are on the rise, but so are their risks, says Citigroup investor Read more: Bloomberg: Firms make record profits despite slowing economy, warns S&apen, bank of Tokyo &MitsubshiUFJ: Wall Street banks make record profit, but risk is high.
Bloomberg: Bank of Japan: BofA’s record profit reflects healthy outlook for Japan’s financial sector, says Bank of Europe.
Wall Street’s stocks have rallied, but they have also been hit by a weak economy and worries about rising bubbles.
Bank stocks fell in early trading Friday.
More from Bloomberg: Bank stocks are rising, but the markets are still wary of bubbles and the risks posed by rising financial activity, according to analysts at Bank of Montreal.
The bank said its earnings beat Wall Street expectations, as the U.K. economy is still improving and corporate earnings are rising.
The Bank of England said it expects inflation to rise from 0.2 percent to 0.4 percent this year and to 2.5 percent in 2019, after inflation has fallen from 1.5 to 1.2 per cent.
“The world is moving in a different direction,” said Paul Chabot, the bank’s chief economist.
“We’re moving in the direction of a more balanced economy and more stable financial system, so it’s a better place to invest.”
Read the latest Bloomberg Markets coverage on the financial industry.
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