GS · News · 20260914N

Capital Markets Cycle Outlook

GOLDMAN SACHS GROUP INC · 2026-09-14 · Importance 30 · Surprise 40

Bank of America’s chief executive forecast third-quarter investment-banking fees to decline 10% to 20% year over year, indicating weaker near-term dealmaking conditions for major Wall Street banks. Goldman Sachs was among the financial institutions whose shares declined following the forecast. The commentary points to a potentially softer capital-markets environment in the third quarter despite differing outlooks among banks.