- The five biggest investment banks generated about $67 billion in equities revenue through Sept. 30, $7 billion more than the group made in all of 2025.
- Goldman Sachs, JPMorgan and Morgan Stanley made a combined $52 billion in stock trading revenue so far this year, nearly 80% of the total.
- Goldman Sachs equities financing rose 96% in Q3 to a record $3.37 billion as hedge fund demand for leverage on AI hardware and chip suppliers reached new heights.
- Prime brokerage margin loans to hedge funds are driving growth, and the Big Three's balance sheets let them absorb losses that force smaller rivals to cede share.
Quotes
“When it comes to the AI mega trade, the Big Three consider each other their main competitors, and that's pretty much it”
“there is capital being tapped through all kinds of different mechanisms”
“Prime is one of the ultimate scale businesses”