Bank earnings beat estimates

Wall Street's largest lenders have reported a combined profit of nearly $50 billion for the first quarter, highlighting the resilience of the financial sector amid geopolitical turmoil.

Bank of America saw a 30% jump in equity trading revenue, while Morgan Stanley's investment banking fees rose by 36% due to a rebound in dealmaking.

Despite the strong numbers, bank executives have expressed caution regarding 'imported' inflation and the potential long-term economic impact of the Middle East conflict.

The results cap an earnings season that has seen the 'big six' banks benefit from deregulation and choppy markets.