Goldman Sachs, JPMorgan Chase and Morgan Stanley reported a combined $51.89 billion from their separately defined equities businesses in the first nine months of 2026. All three reported year-over-year growth, but the total is a simple addition of company categories rather than a standardized industry measure.
CNBC reported that the three banks accounted for nearly 80% of about $67 billion in equities revenue at the five largest investment banks through Sept. 30. The company filings support the Big Three’s combined figure, while their differing definitions make comparisons across banks less exact.
Financing growth stands out in Goldman’s results. The bank reported $9.232 billion in Equities financing revenue for the first nine months, up 82% from the same period a year earlier. JPMorgan reported $15.460 billion in Equity Markets revenue, up 49%; for the third quarter, it said strong performance in Prime and Derivatives helped drive the increase.
Morgan Stanley reported $17.247 billion in Equity revenue for the nine months, up 44% year over year. Morgan Stanley cited client engagement and strength in Asia in its third-quarter Equity results. Its Equity line includes several types of revenue directly attributable to the business, including trading, net interest income, commissions and fees.
JPMorgan Chief Financial Officer Jeremy Barnum tied high demand for capital to the AI theme during the bank’s Oct. 13 earnings call. “I like your insatiable demand for capital point. That feels about right,” he said.
The regulatory backdrop also shifted in 2026. A federal rule changing enhanced supplementary leverage ratio standards for the largest U.S. banks took effect April 1. Regulators estimated that the changes would reduce Tier 1 capital requirements at affected bank holding companies by less than 2% in aggregate.
