MS · News · 20261021N

Equities Trading Activity

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

The five largest investment banks generated approximately $67 billion in equities revenue through September 30, already exceeding their full-year 2025 total by $7 billion. Goldman Sachs, JPMorgan Chase, and Morgan Stanley collectively accounted for approximately $52 billion, or nearly 80% of the group’s equities trading revenue. The boom in artificial-intelligence stocks, relaxed capital rules, and increased lending to hedge funds are identified as key drivers, while the three firms are described as the primary competitors in the AI-related trading market.

Key facts

• Morgan Stanley is among the five biggest investment banks that have generated about $67 billion in equities revenue through Sept. 30, 2026, according to company filings. source