U.S. banks collectively repurchased $33bn of their own shares in Q1, eclipsing analysts’ forecasts. JPMorgan, Goldman Sachs and Citigroup posted all‑time high buybacks, while Bank of America and Morgan Stanley returned the most capital in years. The surge reflects robust earnings and a regulatory climate that has loosened capital constraints under the Trump administration, as share prices rose, bolstering investor confidence.

At the same time, volatile geopolitics, notably the US‑Israel‑Iran clash, boosted trading desks, adding another revenue stream. Bank of America’s CFO Alastair Borthwick said the firm enjoyed ample capital, citing the administration’s work on capital rules; the bank bought back $7.2bn of stock, its biggest haul since 2020. Federal Reserve supervisors have floated a near‑5% cut to large‑bank capital requirements, and the environment supports higher dividends.

JPMorgan led the pack with $8.33bn in repurchases, barely edging its prior record, while Citi spent $6.3bn, Goldman $5bn, Wells Fargo $4bn and Morgan Stanley $1.75bn. CEO Jamie Dimon cautioned that excess capital, roughly $40bn, should primarily serve clients, not merely fund buybacks. The aggressive share‑return programme pushed equity‑to‑risk‑weighted‑asset ratios lower, most sharply at Goldman, hinting at thinner buffers and may influence future capital planning.