(Bloomberg) — Jane Street Group LLC generated a record $20.5 billion in net trading revenue last year, vaulting it past Bank of America Corp. and Citigroup Inc. as the market maker reaps the benefits of its global expansion.
The 2024 haul almost doubled Jane Street’s $10.6 billion in total trading revenue from a year earlier, according to financial documents seen by Bloomberg News. Jane Street’s $13 billion of net income was also a record.
The results show just how big Jane Street has become as it continues pressing for more growth. The firm has steadily expanded to make markets in areas including exchange-traded funds, stocks, currencies, derivatives and bonds. By comparison, Citigroup’s revenue from trading last year was $19.8 billion and Bank of America took in $18.8 billion.
A representative for Jane Street didn’t immediately respond to a request for comment. The Financial Times reported some of Jane Street’s revenue figures earlier Wednesday.
Last year’s momentum continued into 2025, according to the firm, which said it expects first-quarter net trading revenue of $7.1 billion to $7.2 billion. Preliminary adjusted Ebitda is expected to be $5.4 billion to $5.5 billion, while net income will probably be $4.5 billion to $4.6 billion, it said. April results have been generally “in line” with the first quarter, according to the documents.
Along with revenue, Jane Street’s compensation and benefits expenses also surged last year to $4.11 billion. That represented a cost of $1.39 million for each employee, or almost four times the comparable figure at Goldman Sachs Group Inc.
The results were among a raft of financial markers Jane Street disclosed to investors as part of a debt deal it’s seeking to fuel further expansion. Among them: The business is now backed by $29.9 billion of members’ equity, which represents the majority of the firm’s trading capital. It had 2,960 employees at the end of last year, and turnover was 6% over the past two years.
Jane Street said it accounted for more than 10% of equities market activity in North America last year, and it had a market share of more than 2% in 18 countries. When it comes to ETFs — where the firm has long been dominant — it averaged $707 billion of monthly trading volume, or some 24% of primary market activity in US-listed vehicles. In options, the firm was responsible for 8% of all Clearing Corp. volume last year.
Founded in 2000, Jane Street got its start trading American depository receipts, and then expanded to exchange-traded funds on the floor of the American Stock Exchange. It now counts firms including Citadel Securities, Susquehanna International Group and Virtu Financial Inc. among its rivals.
Miami-based Citadel Securities posted its own trading record in 2024, reporting $9.7 billion, Bloomberg reported last month. The company’s net income was a record $4.2 billion for 2024, more than double the nearly $2 billion in the prior year.
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