The five biggest investment banks have already surpassed last year's record equity trading revenue by about $7 billion, according to a CNBC analysis. Goldman Sachs, JPMorgan Chase and Morgan Stanley account for $52 billion of the top five's $67 billion in equities revenue through September, with Goldman's up 57% to over $19 billion. Looser leverage rules are helping banks do more business with hedge funds seeking financing for their AI bets, and Goldman's equities financing surged 96% last quarter. Hedge fund assets reached $13 trillion this year according to the IMF, up from $4 trillion in 2013, and the IMF warned that leverage could make markets more volatile under stress. Hedge funds pared back some leverage last week, but the collapse of Situational Awareness this summer showed the risks, and the banks that funded those trades were largely able to absorb the hit.
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JPM
• NeutralJPMorgan Chase
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Financials |
| Industry | Diversified Banks |
| Market cap | $891.9B |
| Close on 10/21/2026 | 335.19 |
| Change that session | -0.02% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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