It’s official: Wall Street just made $100 billion for the first time ever

JPMorgan Chase CEO Jamie Dimon. The bank had a record year in 2018.Andrew Harrer/Bloomberg

The six biggest U.S. banks have never had a US$100 billion year. Until now.

Goldman Sachs Group Inc., JPMorgan Chase & Co. and their peers have already reported more than US$111 billion of profit for 2018. Morgan Stanley will only make that number bigger when it releases its fourth-quarter results Thursday.

They have Republican tax cuts to thank, along with rising interest rates, a surge in dealmaking and a retail-banking boom.