Analysts compiled as of Thursday expect the largest U.S. banks to report nearly $19bn in combined Q3 equity trading revenue when they publish results next week, but widening dispersion is emerging as market activity cools. Goldman Sachs, due to report Tuesday, is forecast at $5.1bn; Morgan Stanley $4.9bn; JP Morgan $4.5bn; Bank of America $2.6bn. The divergence contrasts with 1H, when most big banks broadly benefited from elevated trading volumes.

2026-10-09

Analysts compiled as of Thursday expect the largest U.S. banks to report nearly $19bn in combined Q3 equity trading revenue when they publish results next week, but widening dispersion is emerging as market activity cools. Goldman Sachs, due to report Tuesday, is forecast at $5.1bn; Morgan Stanley $4.9bn; JP Morgan $4.5bn; Bank of America $2.6bn. The divergence contrasts with 1H, when most big banks broadly benefited from elevated trading volumes.