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Illustration: Sarah Grillo

Look no further than the flood of bank earnings out today for evidence the pandemic crisis is long over on Wall Street.

Why it matters: Banks are riding high — helped by wild activity in deals and the stock market — as the worst of the pandemic's economic impact sits in the rearview mirror.

The clearest sign: Banks set aside billions of dollars' worth of rainy day funds for potential bad loans when COVID-19 hit.

  • They were too pessimistic. Now that money is going back in the coffers at the quickest pace yet at JPMorgan and Wells Fargo.

At Goldman Sachs: Average balances in its prime brokerage business — the one that services hedge funds and worked with the now blown-up Archegos Capital — hit a record high.

At JPMorgan: "We're buying back stock because our cup runneth over. ... We're holding a tremendous amount of money and we really have no option right now," CEO Jamie Dimon told analysts today.

Catch up quick … 

  • Investment banking boomed, helped by the SPAC-a-palooza. Here JPMorgan raked in record fees, while Goldman's revenue exceeded expectations by $1 billion.
  • Trading desks soared on the back of the market mania. Goldman says revenue here jumped almost 50% from a year earlier.
  • Consumer-related segments were also strong. Spending across JPMorgan’s consumer business — like on its debit cards — returned to pre-pandemic levels. It’s a similar story at Wells Fargo. 

What to watch: Businesses and consumers are still taking out loans at a snail's pace. Loans fell 4% from a year earlier at JPMorgan. Wells Fargo called out tepid loan demand and low-interest rates as a headwind.

What’s happening: Cash (for some) is plentiful, creating less demand. Others might still be too skittish about what’s ahead to take on more debt.

  • “We’re gonna know when the crisis is over when people start borrowing again and when that borrowing ends up showing up in loans,” Jesse Rosenthal, a bank analyst at CreditSights, tells Axios.

What's next: More from big banks.

  • Bank of America and Citigroup earnings are on deck Thursday, followed by Morgan Stanley on Friday.

Go deeper

What to watch as Wall Street prepares for blockbuster Coinbase listing

Illustration: Eniola Odetunde/Axios

Cryptocurrency will come to Wall Street like never before when Coinbase becomes a publicly-traded company on Wednesday.

Why it matters: The listing could value the company at upwards of $100 billion.

Updated 2 hours ago - Politics & Policy

Don McGahn agrees to closed-door interview with House panel on Russia report

Former White House counsel Don McGahn during a discussion at the NYU Global Academic Center in Washington, D.C., in 2019. Photo by Alex Wong/Getty Images

Former White House counsel Don McGahn agreed Wednesday to speak with the House Judiciary Committee about the Russia investigation that led to the impeachment trial of former President Trump — with certain conditions, per a court filing.

Why it matters: The agreement ends a two-year standoff after McGahn, a key player in former special counsel Robert Mueller's investigation, repeatedly refused to agree to a subpoena for testimony — resulting in the matter being taken to court.

Updated 2 hours ago - World

Over 70 dead in worst bombardments between Israel and Hamas for years

Smoke and flames rise after Israeli fighter jets conducted airstrikes in Gaza on May 13, 2021. Israeli forces said on May 12 they had killed a senior Hamas commander and bombed several buildings. Gaza's health ministry has said children are among the dead. Photo: Ashraf Amra/Anadolu Agency via Getty Images

At least 67 Palestinians and seven Israelis have been killed in fighting between Israel's military and Hamas since Monday, per Reuters.

The big picture: The worst aerial exchanges of fire between Israel and Hamas since 2014 come days after escalating violence in Jerusalem that injured hundreds of Palestinians and several Israeli police officers during protests over the planned evictions of Palestinian families from their homes.