Story perspectives

Top U.S. banks earn $67B equities revenue through 2026

By Drooid · Oct 21, 2026, 6:09 PM UTC · How we work

Summary

Story summary

Goldman Sachs, JPMorgan Chase and Morgan Stanley generated $52 billion in stock-trading revenue through Sept. 30, 2026, representing 80% of total.
The five biggest U.S. investment banks posted $67 billion in equities revenue through Sept. 30, 2026, $7 billion more than all of 2025.
Goldman Sachs’ equities financing rose 96% in Q3 2026 to a record $3.37 billion.
The International Monetary Fund warned that $13 trillion in hedge-fund assets and rising leverage could create stability risks.

History

Historical Context

Lehman's September 2008 bankruptcy triggered a worldwide credit freeze that forced the Federal Reserve and Treasury to launch a $700 billion Troubled Asset Relief Program and spurred Dodd-Frank and Basel III reforms. By 2026, Goldman Sachs, JPMorgan Chase and Morgan Stanley dominate equities revenue, prompting policymakers to reconsider Basel III amid IMF concerns about systemic risk.

1 of 2

Story summary

Goldman Sachs, JPMorgan Chase and Morgan Stanley generated $52 billion in stock-trading revenue through Sept. 30, 2026, representing 80% of total.
The five biggest U.S. investment banks posted $67 billion in equities revenue through Sept. 30, 2026, $7 billion more than all of 2025.
Goldman Sachs’ equities financing rose 96% in Q3 2026 to a record $3.37 billion.
The International Monetary Fund warned that $13 trillion in hedge-fund assets and rising leverage could create stability risks.

1 / 2