When you’re in the business of making markets and facilitating trades, volatility can be a boon.

Just ask America’s two largest banks, which on Tuesday reported huge hauls in their equities trading businesses.

At JPMorgan, equities sales and trading revenue rose a ridiculous 86% to $6.03 billion, more than $2 billion ahead of consensus. At Bank of America, $3.62 billion in equities revenue was up 70% from the same period a year ago, and comfortably ahead of the $2.69 billion consensus.

No one — not a single bank analyst who covers the stock — predicted an equities-trading haul that large at JPMorgan.

FICC, though, came up a little short at the House of Dimon. The readout there was $6.05 billion versus $6.29 billion expected. At BofA, FICC revenue of $3.54 billion was in line with consensus.

Both banks reported very good results in IB, not surprising given that Q2 saw waves of corporate debt sales and broke a record for equity issuance.

Between them, JPMorgan and BofA ran up nearly $4 billion in debt and equity underwriting fees during Q2. Advisory topped $1 billion for a third straight quarter at JPMorgan.

As for NII, $16.2 billion ($16 billion without the adjustment) at BofA rose 9%, slightly better than expected. At JPMorgan, $25.62 billion was a bit short, but the firm guided for $105.5 billion in full-year NII and $96.5 billion excluding Markets, both up from the bank’s prior guidance.

Brian Moynihan lauded “one of our strongest quarters to date.” “Every business segment reported double-digit net income growth,” he said, adding that BofA “remain[s] focused on what we do best, delivering for clients at every stage of their financial lives.”

As for Dimon, he said what he always says: The US economy’s doing pretty well all things considered, the world’s a very dangerous place and JPMorgan’s (more than) prepared for any and all eventualities.

“The US economy has demonstrated notable resiliency this year… supported by several tailwinds, including AI-driven capital investment,” Dimon remarked. “However, several risks are shifting below the surface like tectonic plates, including geopolitical tensions and wars, sticky inflation, large global fiscal deficits and elevated asset prices.”

Scary stuff, right? Don’t worry, though. Because even if Dimon “cannot predict how these forces will ultimately play out,” he can “carefully monitor risks and prepare the Firm for a wide range of scenarios.” One way or the other, JPMorgan will “serve [its] customers and clients consistently in all environments.”