Jane Street impressed with record results in 2024. The leading market maker made $20.5 billion in net trading revenue, leaving Wall Street giants Citigroup ($19.8 billion) and Bank of America ($18.8 billion) in its dust. Jane Street almost doubled its 2023 haul of $10.6 billion. Part of this was helped by its global expansion into ETFs, equities, currencies, derivatives, and bonds. Net income soared to $13 billion.
The success of the firm has continued into 2025, with quarter one net trading revenue projected at $7.1 billion –$7.2 billion according to Bloomberg. This would mark a 60% leap from last year’s first quarter. Steady trading volumes, driven by investor repositioning amid Trump’s policies and geopolitical shifts, powered the surge. Jane Street expects quarter one adjusted EBITDA of $5.4 billion – $5.5 billion and net income of $4.5 billion – $4.6 billion, with April results holding strong.
In its search for continued growth, Jane Street sold $1.35 billion in high-yield bonds at 6.75%, upsized from $1B due to fierce investor demand. Moody’s rated the bonds Ba1, praising the firm’s tech-driven risk management. The capital will fuel organic expansion, building on Jane Street’s $29.9B in members’ equity.
With 2,960 employees, Jane Street’s digitally enabled team (37% in tech roles) drives innovation, leveraging AI and machine learning to enhance trading systems. The firm commands over 10% of North American equities trading, 24% of U.S. ETF primary market activity, and $230 billion in monthly fixed-income trading volume.
Jane Street’s rise underscores the power of tech and agility in outmanoeuvring traditional banks. It is creating a new benchmark for disruption in finance.
Author: Andy Samu
See Also:
Disrupting Capital Markets in 2025: How Jane Street Rewrote the Rules | Disruption Banking
