Big US banks rake in near-$50bn profit as Iran war shakes markets

Six lenders, including Bank of America, Morgan Stanley and JP Morgan report jump in first-quarter earnings

• Business live – latest updates

Big US banks raked in nearly $50bn (£37bn) worth of profits in the first three months of the year, as they benefited from stock market turbulence triggered by the US-Israeli war on Iran.

Wall Street’s largest lenders have reported a jump in first-quarter earnings, reflecting the surge in demand for trading services as investors dumped risky stocks and bonds and sought safer havens for their cash.