Goldman Sachs Posts $18.68 Billion as Bank Earnings Diverge

Goldman Sachs posted $18.679 billion in net revenue for the three months ended Sept. 30, 2026, its second-highest quarterly total, as major U.S. banks recorded mixed results.

Goldman Sachs reported net earnings of $5.294 billion and diluted earnings per share of $17.01. Equities revenue rose 72% from a year earlier to $6.441 billion, while investment banking fees increased 21% to $3.224 billion. Revenue from fixed-income, currency and commodities was essentially unchanged at $3.471 billion. Chairman and CEO David Solomon called it the firm’s “second highest quarterly net revenues.”

JPMorgan Chase posted $50.172 billion in revenue on a reported basis and $50.907 billion on a managed basis. Net income was $15.305 billion, and diluted earnings per share were $5.57. A $658 million net investment securities loss reduced earnings per share by 18 cents; excluding that loss, net income was $15.8 billion and earnings per share were $5.75. Fixed-income markets revenue fell 4% to $5.4 billion, while equity markets revenue rose 49% to $5 billion. Noninterest expense increased 12% to $27.3 billion. Chairman and CEO Jamie Dimon called it “another quarter of strong results.”

Bank of America’s net income declined to $6.9 billion from $8.3 billion a year earlier, and diluted earnings per share fell to 91 cents from $1.04. Excluding its $1.2 billion regulatory settlement charge, adjusted net income was $8.1 billion and adjusted earnings per share were $1.082. Revenue, net of interest expense, rose 3% to $30 billion. Sales and trading revenue fell 5% to $5.1 billion, and investment banking fees declined 11% to $1.8 billion; higher net interest income and asset-management fees partly offset those drops. Chair and CEO Brian Moynihan said “commercial lending grew in every client segment.”

The Treasury Department announced enforcement penalties totaling more than $1.21 billion on Oct. 13. The Financial Crimes Enforcement Network (FinCEN) assessed a $1.2 billion penalty, with a $750 million penalty from the Office of the Comptroller of the Currency (OCC) credited against it. A separate Office of Foreign Assets Control (OFAC) settlement was $11.6 million. In its enforcement action, the Treasury Department said Bank of America failed to report more than $5 billion in suspicious transactions on time. The bank admitted willful violations of the Bank Secrecy Act.