Key facts: Goldman 3.024% stake in BBVA; BBVA eyes ins. in Mexico, Turkey

JPMorgan and Goldman Sachs increased the yield and improved terms on a $5 billion loan for AI cloud startup Volta Infrastructure, selling it at 6.5% above benchmark rates and 95 cents on the dollar. The loan, used to finance a Norway data center, includes investor protections and variable interest rates based on future credit ratings. The deal faced pushback from CLO managers due to its unrated status and market volatility.

Goldman Sachs (GS) reported Q3 2026 net revenues of $18.68B, up 23% YoY, with EPS of $17.01. Investment banking fees declined 5% sequentially, while equities financing surged 96% YoY. Asset & Wealth Management revenues rose 14% YoY. Management highlights a robust advisory pipeline but notes potential cyclical risks in financing revenues.

JPMorgan, Citigroup, Wells Fargo, and Goldman Sachs reported Q3 earnings, with JPMorgan missing estimates due to weak investment banking. Profits rose year-over-year, but banks warned of inflation and rate impacts. JPMorgan: $15.3B profit, $5.57/Share. Goldman: $5.29B profit, $17.01/Share. Wells Fargo: $5.95B profit, $1.87/Share. Citigroup: 40% profit jump, beating expectations.

ASML and Goldman Sachs reported strong Q3 earnings, with ASML beating estimates on EPS and revenue, and Goldman showing 39% earnings growth. Despite this, both stocks have declined, with ASML down 6.8% in a week and Goldman down 11.1% in a month. Analysts attribute the drop to P/E compression and a valuation reset. JPMorgan missed earnings but showed positive net interest income outlook. The S&P 500 is described as two markets: AI-related companies and others.

Goldman Sachs reported a 14% increase in asset and wealth management net revenues to $5.05 billion in Q3 2026, driven by higher management and incentive fees. Assets under supervision reached a record $4.1 trillion. Group net revenues rose to $18.68 billion, with diluted EPS at $17.01. The bank returned $4.49 billion to shareholders, including $3 billion in repurchases. Rival firms also reported growth in their wealth management divisions.

Wall Street banks reported mixed Q3 earnings, with JPMorgan and Bank of America missing estimates. Dealmaking slowed due to market volatility, geopolitical concerns, and rising bond yields. Equity trading outperformed fixed-income, while consumer banking remained steady. Net interest income rose, supported by Federal Reserve rate hikes.