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Trading Revenue

MORGAN STANLEY · 2026-10-21 · Importance 44 · Surprise 24

Morgan Stanley, Goldman Sachs, and JPMorgan Chase generated a combined $52 billion in stock-trading revenue through September 30, 2026. The combined figure represented nearly 80% of the approximately $67 billion generated by the five largest investment banks. The industry’s equity-trading revenue through September 30, 2026 exceeded the group’s full-year 2025 revenue by $7 billion, supported by AI-stock activity, relaxed capital rules, and greater lending to hedge funds.