Goldman Sachs profit jumps 29% on a stock-trading boom as JPMorgan falls short

The biggest US banks reported third-quarter results on 13 October 2026, and Goldman Sachs stood out. The investment bank's net earnings rose 29% from a year earlier to $5.29 billion, or $17.01 a share, on net revenue of $18.68 billion, up 23%, according to its filing with the US Securities and Exchange Commission. Analysts' forecasts for its earnings per share, as compiled by different data providers, ranged from about $13.02 to $13.50, so the result beat expectations by a wide margin.

Stock trading drove the gain. Goldman's equities business brought in $6.44 billion, 72% more than a year earlier, with equities financing, which includes lending to hedge funds and other big investors, up 96% to $3.37 billion. Investment banking fees rose 21% to $3.22 billion as advisory and share-underwriting work picked up, and the asset and wealth management division grew revenue 14% to $5.05 billion. One weak spot was Platform Solutions, whose revenue fell 72% to $170 million, mainly because of markdowns on the Apple Card loan portfolio.

Chief executive David Solomon described the backdrop as “a complicated operating environment,” Yahoo Finance reported.

JPMorgan falls short

JPMorgan Chase, the largest US bank by assets, increased profit 6% to $15.3 billion, or $5.57 a share, on revenue of about $50.2 billion, up 8%. That fell short of the $5.90 a share analysts expected, according to the LSEG consensus. Excluding $658 million of losses on securities, earnings were about $5.75 a share, still below forecasts.

Elsewhere, results were mostly ahead of expectations. Wells Fargo's net income rose 6.5% to $5.95 billion, or $1.87 a share, against forecasts of $1.84, helped by loan losses that were lower than analysts had expected. Citigroup earned $2.85 a share against forecasts of $2.65, and its trading revenue rose 6% to $6.1 billion, according to Yahoo Finance.

Background

The results arrive at an unusual moment for banks. The Federal Reserve raised interest rates in September for the first time since 2023, and US inflation rose to 3.7% in the year to September as energy prices climbed. Higher rates can lift what banks earn on loans, but they also raise funding costs and can slow borrowing and deal-making.

What happens next

Investors will look for signs of whether the trading boom can last and how higher rates affect loan demand and credit quality. The Fed's next rate decision, due on 28 October, will set the tone for the rest of the year.