Global Turmoil Helps Bank Traders Set Records While Pressuring Other Businesses

Wall Street trading desks notched records for revenue in the first three months of the year as clients navigated the geopolitical turmoil that roiled markets around the world. Investors are more worried about how that same volatility is poised to upend other parts of their business.

Executives at Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co. warned that an extended war in Iran risks blunting deal activity and the conflict has already sent gas prices ever higher, putting pressure on consumers. That overshadowed the standout performance by trading desks at some of those banks, where revenue surged on increased client activity.