Goldman Sachs, JPMorgan Chase, Morgan Stanley Post $51.9 Billion in Equity-Related Revenue
Goldman Sachs, JPMorgan Chase, and Morgan Stanley reported $51.89B in equity-related revenue for 9M 2026, 77.5% of five large U.S. banks' total. Goldman led with $19.183B, followed by Morgan Stanley and JPMorgan. Q3 2026 saw significant YoY gains in equities revenue for all three. Hedge funds' growth and AI-related trading activity are noted trends.
How this was made
The 30-second read
Why it matters
Strong growth at Goldman, JPMorgan and Morgan Stanley signals continued investor appetite for equity services, while Bank of America and Citigroup lag, creating a tiered impact across the sector.
Market read
The data provides fresh insight into the health of major banks' equity businesses, a key driver of overall banking profitability.
What to watch
The figures exclude net DVA and differ in scope, making direct peer comparison imperfect.
Background
The article aggregates nine‑month equity‑related revenue for the five largest U.S. banks, providing a comparative snapshot of their equity franchise performance.
Ticker impact
Goldman Sachs reported $19.183 bn equity-related revenue for the first nine months of 2026, a 72% YoY increase in Q3.
likely upward pressure as investors price in robust equity franchise performance
Revenue beat expectations and shows double‑digit growth, which typically supports the stock.
JPMorgan Chase posted $15.460 bn equity-related revenue for the first nine months of 2026, with Q3 up 49% YoY.
potential upside as market digests strong equity revenue growth
The sizable YoY increase signals strength in equity markets, likely boosting the share.
Morgan Stanley reported $17.247 bn equity-related revenue for the first nine months of 2026, with Q3 up 41% YoY.
moderate upside as investors reward equity revenue momentum
Growth rates are strong, supporting a positive price reaction.
Bank of America disclosed $8.974 bn equity sales‑and‑trading revenue for the first nine months of 2026.
limited impact; revenue growth modest relative to peers
The figure is smaller, so market reaction may be muted.
Citigroup reported $6.108 bn equity markets revenue for the first nine months of 2026.
potential downside pressure as investors compare to higher‑growing peers
Relative underperformance may weigh on the stock.
Market effects
Highlights strength in equity‑trading revenue across major banks, suggesting robust demand for equity market services.
U.S. banking sector may see modest uplift as investors reassess revenue growth prospects.
Large‑cap banks' performance can influence global risk sentiment and capital‑flow decisions.
Counterpoint
Revenue growth may be driven by temporary market volatility; a pullback could expose underlying weakness.
Key entities
- bankGoldman Sachs
Largest equity‑related revenue among the five banks.
- bankJPMorgan Chase
Second‑largest equity revenue, 49% YoY Q3 growth.
- bankMorgan Stanley
Third‑largest equity revenue, 41% YoY Q3 growth.
