Top U.S. bank CEOs testify in a Senate hearing, discussing the financial industry’s success amid a backdrop of strong consumer spending and market growth. Second-quarter profits surged, defying earlier recession fears. JPMorgan Chase leads in earnings, fueled by trading gains and investment banking surprises.

JPMorgan CEO Dimon expresses optimism and praises the stable global economy, driven by Trump’s spending bill and deregulation. The Fed’s proposal to ease bank leverage requirements may further benefit financial institutions. Banks are experiencing a perfect storm of high deal activity, strong capital markets, and robust credit performance.

Wells Fargo and Citigroup, once lagging behind, show signs of resurgence. Wells Fargo CEO Scharf celebrates the removal of growth limits with a $2,000 bonus for employees. Citigroup’s shares rise under CEO Fraser’s leadership, with plans for a luxury credit card and a Citi stablecoin. Both CEOs express confidence in the U.S. economy’s strength and adaptability.

Read more at CNBC: Banks are thriving so far in Trump’s economy. Here’s what that means