Big Three Wall Street Banks Make $52B in Equities Trading Through Q3, ~80% of Top Five

3.4 · 10d ago · US · FINANCE

The Facts

  • The five biggest investment banks generated about $67 billion in equities revenue through Sept. 30, per company filings, which is $7 billion more than all of 2025, itself a record. CNBC only
  • Goldman Sachs, JPMorgan Chase and Morgan Stanley made a combined $52 billion in stock trading revenue so far this year, nearly 80% of the five-bank total. CNBC only
  • Goldman Sachs' equities financing activities rose 96% in the third quarter to a record $3.37 billion. CNBC only
  • JPMorgan and Morgan Stanley do not break out equities financing figures but said they saw a similar dynamic. CNBC only
  • JPMorgan CFO Jeremy Barnum said on the third-quarter call that there is 'insatiable demand for capital' tied to AI, agreeing with an analyst's characterization. CNBC only
Dive deeper · 2 more factsShow less
  • Trading executives say transaction taxes and stamp duties are included in top-line revenue, inflating Asia prime totals, and there is no agreed definition of equities trading revenue, complicating comparisons between banks. CNBC only
  • Institutional investors poured into South Korea and Taiwan AI supply chain stocks such as memory chipmakers and semiconductor manufacturers, according to JPMorgan global head of equities Rachid Alaoui. CNBC only

Context

Big Wall Street banks are posting record equities trading revenue in 2026, driven by the AI stock rally, relaxed capital rules and increased prime brokerage lending to hedge funds. Goldman Sachs, JPMorgan and Morgan Stanley account for the bulk of the revenue, ahead of rivals such as Bank of America and Citigroup.

Analysts and executives cited by CNBC attribute the lead to balance sheet scale and global coverage. Revenue comparisons are complicated by differing definitions of equities revenue and by Asian transaction taxes counted in totals.

How the Agent Panel Scored This

Independent AI personas each scored importance 1–10; the story's score is a trimmed mean (highest and lowest votes dropped). Vote spread: 1.

4 Critical Reader This reports record quarterly and year-to-date trading revenue from company filings, a measurable financial outcome, but it affects mainly bank investors and the financial sector rather than many people broadly, and the comparisons are acknowledged as definitionally inconsistent.
4 Business Analyst This reports aggregated record quarterly and year-to-date equities trading revenue at major banks, which is notable sector data but is backward-looking, based on already-reported earnings, and has limited direct market-moving impact.
4 News Editor This is a financial-sector earnings analysis reporting record trading revenue figures for a handful of banks, which is newsworthy for business readers but has limited impact on the general public and no major concrete event beyond reported quarterly numbers.
3 Policy Expert This story reports aggregated quarterly financial results from company filings and executive commentary, with no new enacted law, ruling, or executive action, so its concrete impact is limited to market-trend reporting.
3 Informed Citizen This reports bank earnings records from company filings, a niche financial-sector item with limited direct impact on ordinary people and little staying power beyond a week.
3 Science & Tech Analyst This is a financial-results story about record bank trading revenue from company filings, which is newsworthy for markets but affects limited audiences and reports no major concrete event beyond quarterly figures.
3 Global Affairs Analyst This is a financial earnings-data story about record bank equities trading revenue, a business trend with limited geopolitical or broad public impact rather than a concrete conflict, treaty, or major diplomatic shift.

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