Company filings show that, through September 30, the five largest investment banks had generated about $67 billion of equities-trading revenue. That is $7 billion more than the group made in all of 2025. Goldman Sachs, JPMorgan Chase and Morgan Stanley accounted for about $52 billion, nearly 80% of the total.
The growth is tied to loans that help hedge funds enlarge bets on artificial-intelligence stocks. Goldman’s equities-financing revenue rose 96% in the third quarter, to a record $3.37 billion. JPMorgan’s finance chief agreed that demand for capital felt insatiable. CNBC reported that the International Monetary Fund has cautioned about rising leverage. No trading loss from that leverage was reported on Wednesday.
The revenue does not reset deposit rates, credit-card rates, or the price of a consumer product. It does show how concentrated the financing of the AI stock boom has become.
Does this Wall Street revenue change your loan or deposit rate? No change was announced. The verified development is the size, and concentration, of equities-trading revenue.