Goldman Sachs, JPMorgan Chase, Morgan Stanley Post $51.9 Billion in Equity-Related Revenue

Goldman Sachs, JPMorgan Chase and Morgan Stanley posted $51.89 billion in equity-related revenue in the first nine months of 2026, equal to 77.5% of the combined total across five large U.S. banks.

Goldman’s Equities line totaled $19.183 billion for the period, compared with $15.460 billion in JPMorgan’s Equity Markets and $17.247 billion in Morgan Stanley’s Equity business. Bank of America’s equities sales-and-trading revenue was $8.974 billion, and Citigroup’s Equity Markets revenue was $6.108 billion.

The five-bank amount was $66.97 billion, calculated by adding each firm’s own equity-related line. Those measures have different scopes: JPMorgan’s figure is on a managed basis, Morgan Stanley’s covers Institutional Securities, and Bank of America’s sales-and-trading figure excludes net DVA. The 77.5% share describes this five-bank comparison, not the firms’ share of the broader U.S. equity-trading market.

Goldman’s third-quarter Equities revenue rose 72% from a year earlier to $6.441 billion. Equities financing revenue climbed 96% to $3.365 billion, with higher prime financing, portfolio financing and derivatives revenue.

JPMorgan’s third-quarter Equity Markets revenue increased 49% to $4.954 billion, with Prime and Derivatives among its strongest areas. Morgan Stanley’s Institutional Securities Equity revenue rose 41% to $5.799 billion.

Prime brokerage combines financing and securities lending with trade execution, clearing and custody. Financing can support leveraged positions, while execution, clearing and custody help move and hold the assets involved. Custody provides safekeeping for assets in the brokerage relationship. This bundle can generate revenue for banks across several parts of a client’s trading activity.

Hedge funds held about $13 trillion in global assets, more than three times their 2013 level. Since 2024, hedge funds’ gross stock positions and equity margin borrowing together have grown from the equivalent of 10% to about 15% of advanced-economy GDP, alongside rising leveraged exposure to AI-related shares.

JPMorgan Chase Chief Financial Officer Jeremy Barnum said, “In this moment where AI is such an overwhelming theme, … there’s capital being tapped through all kinds of different mechanisms.” The banks’ filings cover broader equity businesses and do not break out revenue tied specifically to AI-related positions.