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Jane Street’s trading revenues almost doubled last year and boomed during the tariff-induced turmoil of the first quarter of 2025, as it generated profits rivalling those of Goldman Sachs and Morgan Stanley.
The group, which operates in equity, option and fixed income markets, generated $20.5bn of net trading revenues in 2024, up 94 per cent from 2023, according to people familiar with the matter.
Trading levels at Jane Street surged further in the first quarter, as Donald Trump’s tariff proposals unleashed chaos in markets.
The company expects to report net trading revenues of about $7.2bn in the first quarter, up more than 60 per cent from the same period a year ago.
That would exceed the $6.7bn in first-quarter trading revenues reported this month by Morgan Stanley and brings Jane Street within striking distance of the $8.6bn earned by Goldman.
JPMorgan Chase has the highest trading revenues of any bank, generating $9.7bn in the first three months of 2025.
The results show Jane Street’s growing power in global markets, as it elbows into a business once dominated by traditional Wall Street heavyweights. The company earned $12.96bn of net profit last year, up from $5.9bn in 2023.
Firms such as Jane Street and its rival Citadel Securities have used the electronification of financial markets to capture market share from incumbent banks that had historically relied on voice trading.
Banks have also found their ability to take risk hamstrung by regulation since the 2008 financial crisis.
Jane Street’s role intermediating trades and market making — particularly in the world of exchange traded funds, where it is a dominant player — has bolstered its profitability.
One person familiar with the company’s financials said it was growing across all of its major business lines, including trading in equities, currencies and ETFs, with the group benefiting from “heightened volumes” in the fourth quarter.
The company expects net income to jump to roughly $4.6bn in the first quarter of 2025.
Jane Street did not immediately respond to a request for comment.
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