The Goldman Sachs Group, Inc. is a financial institution that provides a range of financial services to corporations, financial institutions, governments, and individuals across the Americas, Europe, the Middle East, Africa, and Asia. It operates through three segments: Global Banking & Markets, Asset & Wealth Management, and Platform Solutions. The Global Banking & Markets segment offers financial advisory services, underwriting, lending, financing, and client execution activities. The Asset & Wealth Management segment manages assets across various classes and provides investment advisory, wealth advisory, financial planning, and private banking services. The Platform Solutions segment offers credit cards, transaction banking, deposit-taking, payment solutions, and cash management services. Founded in 1869, the company is headquartered in New York, New York.
Goldman rides record deal boom but faces downgrade and UK risks
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Record M&A and capital-raising boom Goldman's advisory revenue jumped 89% from a year ago, and equities trading is set for a third straight record quarter above $5 billion, showing strong demand for its deal-making and trading services.
This is the main positive force driving Goldman's business performance this period.
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Cleared stress test and raised dividend Goldman passed the Fed's annual stress test and increased its dividend by 11% to $5.00 per share, a sign of financial strength and a direct return of capital to shareholders.
This is a new positive event that supports investor confidence and income.
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Oppenheimer downgrade on late-cycle valuation Oppenheimer downgraded Goldman to Underperform, warning that its valuation is stretched at 107% of its historical relative price-to-earnings ratio, suggesting limited upside from here.
This is a new negative analyst action that directly weighs on the stock's perceived value.
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UK political risk and potential Fed hikes A possible UK political shift under Burnham and Miliband could force bank breakups and higher bonus taxes, raising costs for Goldman's London operations. Possible Fed rate hikes and OpenAI's delayed IPO could also hurt deal activity.
These are new external risks that could pressure Goldman's costs and future revenue.
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Goldman's deal engine hums as succession and softer M&A cloud the picture
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Goldman's $100B money-market fund opens to crypto firms Goldman's roughly $100 billion Treasury money-market fund (FTIXX) is now offered through Lynq, a digital-asset settlement network, giving crypto firms a place to park idle cash. It widens distribution of a huge, fee-earning fund and deepens Goldman's ties to digital finance.
A concrete new distribution channel that can grow fee income from Goldman's largest cash fund.
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Fed eases stress-test swings, helping Goldman's capital planning The Fed finalized rules that average two years of stress-test results and cut year-to-year swings in required capital by about half. Goldman, with a 3.4% stress buffer and a big trading book, gets more predictable capital rules, freeing up cash for buybacks and lending.
A regulatory change that directly lowers capital-planning uncertainty for Goldman.
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Goldman's private credit fund keeps redemptions very low GS Credit, an $18.2 billion private credit fund, saw redemption requests fall to just 2% of assets in the third quarter, far below the 5% cap and the 10-16% seen at peers. That signals investor confidence and steady fee income from a key growth business.
Shows Goldman's private credit franchise is stable while rivals face heavier withdrawals.
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CEO succession talk and a 41% quarterly M&A drop Reports say the board may name John Waldron CEO as early as 2027, with David Solomon possibly becoming executive chairman. Separately, global M&A fell 41% in the third quarter, though year-to-date deal value is still a strong $3.9 trillion. Leadership uncertainty and lumpy deal flow can unsettle the stock.
The two biggest new uncertainties for Goldman's leadership and core advisory revenue.
Q3 2026
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Goldman's AI deal boom meets cooling demand and regulatory scrutiny
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Record Q2 profit and AI-driven deal boom Goldman's Q2 profit jumped 78% to $6.6 billion on 39% higher revenue, powered by AI-related dealmaking, surging equities trading, and major IPOs like SpaceX and Anthropic. New mandates hit $70 billion, and the bank raised its dividend and expanded buybacks.
This is the core positive force that drove Goldman's results and investor sentiment during the period.
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Expansion into AI trading, crypto, and stablecoins Goldman launched AI-powered debt trading, acquired Neos, and joined stablecoin and crypto initiatives, helped by Fed stress-test relief. These moves position the bank in fast-growing areas and diversify revenue beyond traditional banking.
These strategic moves represent new growth avenues that supported the positive narrative.
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AI debt concerns and cooling demand Moody's and CEO Solomon warned AI-related debt returns may disappoint, AI bond demand cooled, and GPU resale prices fell. The SEC subpoenaed Goldman over a failed AI hedge fund, adding regulatory risk to the AI theme.
These warnings and the subpoena directly threaten the sustainability of the AI-driven boom that fueled recent gains.
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Q3 M&A slowdown and CEO succession uncertainty Q3 M&A activity dropped 41%, consumer spending slowed, and CEO succession uncertainty clouds the outlook. These factors raise doubts about future revenue growth and leadership stability.
The sharp drop in dealmaking and leadership questions are key headwinds that could pressure the stock.
News & notes movingGS
United States
Cloud & Digital Infrastructure
Goldman Keeps Sell on Adobe as Chakravarthy Takes Over as CEO
Goldman Sachs maintained its sell rating on Adobe as Anil Chakravarthy prepares to take over as president and CEO on Dec. 1, saying competition is intensifying and new entrants are gaining ground in areas that could expand Adobe's market. The broker said it wants clearer evidence of Adobe's strategy and execution before changing its view, and sees the leadership change as a potential catalyst even as the market remains concerned that artificial intelligence could weigh on Adobe's growth. Chakravarthy's appointment follows a transition announced in March; he previously led Adobe's Customer Experience Orchestration business and worldwide field operations, while David Wadhwani, who headed the Creativity & Productivity business, is also leaving to start a new venture and Adobe is appointing a permanent chief financial officer. Goldman said a successful turnaround will depend on Adobe simplifying its product architecture, speeding up innovation through internal investment and targeted acquisitions, and converting adoption of new features into revenue, with the key question being whether the new management makes significant strategic changes or largely extends the existing three- to five-year plan. Among the five areas Goldman flagged, monthly active users across Acrobat, Creative Cloud, Express and Firefly exceeded 1 billion in the third quarter, up more than 20% from a year earlier, while Express trails Canva, which has more than 265 million monthly users and at least $4 billion in annual recurring revenue, with Goldman estimating Express had about 70 million monthly users in 2025.
Cloud & Digital Infrastructure › Horizontal SaaS Competition
Artificial Intelligence › AI Applications & Copilots Competition
ADBE · Competition · Negative Goldman keeps a sell rating, citing intensifying competition and new entrants gaining ground in areas that could expand Adobe's market.
ADBE · Capital · Neutral Goldman sees the CEO transition to Anil Chakravarthy as a potential catalyst but wants clearer evidence of strategy and execution before changing its view.
GS · Capital · Neutral Goldman Sachs is only the broker issuing the sell rating on Adobe, not a subject of the news.
DTCC Launches Tokenization Service as Wall Street Settlement Moves On-Chain
The Depository Trust & Clearing Corporation announced the DTCC tokenization service on May 4, 2026, a platform designed to bring Russell 1000 components, ETFs, and US Treasuries onto distributed ledgers. With over 50 firms including BlackRock, Goldman Sachs, JPMorgan, Circle, Ondo, and Nasdaq participating, the service moved into limited production in July 2026 following a December 2025 SEC No-Action Letter. DTCC CEO Frank La Salla said tokenization will significantly change how markets operate by bringing new levels of liquidity, transparency, and efficiency to investors, while Brian Steele of the DTCC added that the service is designed to provide systemic scale where deep liquidity already lives. The infrastructure shift extends beyond the DTCC: Nasdaq secured SEC approval on March 18, 2026, under Release 34-105047, to facilitate tokenized settlement on the same order book, ticker, and CUSIP as traditional assets, NYSE Arca followed with rule change SR-NYSEARCA-2026-45 effective April 29, 2026, and the broader NYSE received approval for its own related filings on April 17, 2026. The SEC issued a five-year conditional innovation exemption on September 17, 2026, specifically for tokenized NMS stocks, while the CFTC clarified through Staff Letter 25-39 and an updated FAQ on September 24, 2026, that tokenized collateral may be used for derivatives margin. The tokenized asset market tracked by rwa.xyz stood at approximately $38.6 billion as of late September 2026, up from $2 billion in 2022, with tokenized Treasuries accounting for $14.7 billion to $15.65 billion of that total, led by BlackRock's BUIDL at $2.70 billion, Circle's USYC at $2.60 billion, and Ondo's USDY at $2.23 billion. A June 1, 2026, Citi report estimates a base case of $5.5 trillion in tokenized assets and $1.9 trillion in stablecoins by 2030, though it warns of a messy period in which tokenized and legacy systems operate side by side.
DTCC · Technology · Positive DTCC launched its tokenization service bringing Russell 1000 components, ETFs, and US Treasuries onto distributed ledgers, moving into limited production in July 2026.
BLK · Demand · Positive BlackRock's BUIDL tokenized Treasury fund is named as the market leader at $2.70B and BlackRock participates in the DTCC tokenization service, expanding its tokenized product adoption.
NDAQ · Regulation · Positive Nasdaq secured SEC approval under Release 34-105047 to facilitate tokenized settlement on the same order book, ticker, and CUSIP as traditional assets.
CRCL · Demand · Positive Circle participates in the DTCC tokenization service and its USYC tokenized Treasury product is cited at $2.60B, indicating growing adoption of its tokenized offerings.
GS · Demand · Positive Goldman Sachs is named among the 50+ firms participating in the DTCC tokenization service, positioning it in the on-chain settlement infrastructure.
JPM · Demand · Positive JPMorgan is named among the 50+ firms participating in the DTCC tokenization service, positioning it in the on-chain settlement infrastructure.
Goldman Sachs Raises Netcompany Voting Rights Stake to 5.70%
The Goldman Sachs Group, Inc. has increased its direct and indirect voting rights in Netcompany Group A/S to 5.70% of the company's total voting rights. According to a notification received by Netcompany under sections 38, 39, and 40 of the Danish Capital Markets Act, Goldman Sachs controlled 2,618,706 voting rights as of 25 September 2026. That compares with direct and indirect voting rights of 3.47% at the time of the previous announcement. The notification was received by Netcompany on 1 October 2026, and the announcement was made in accordance with section 30 of the Danish Capital Markets Act.
0YH9.LSE · Capital · Neutral Goldman Sachs increased its voting rights in Netcompany to 5.70% from 3.47%, a shareholder-stake change with no clear positive or negative implication.
GS · Capital · Neutral Goldman Sachs raised its voting rights stake in Netcompany to 5.70%, a passive investment position with no clear directional signal.
United StatesGlobalEcuadorChileMexicoPeruGermanyFrance
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Goldman: Latin America would be hit hardest by a US diesel export ban
Goldman Sachs said on the 2nd that if the United States bans diesel exports, Latin America would be the region most affected. According to the report, imports from the United States account for more than 50% of consumption in Ecuador, Chile, Mexico and Peru, and a sudden halt in US supply could shave about 1% off Latin America's gross domestic product. However, drawing down inventories and increased exports from outside the United States would soften the impact. Goldman estimates that if the United States bans diesel exports, US retail diesel prices would fall by 0.25 dollars per gallon for each week the ban lasts, and after one month the measure would be expected to push down overall US inflation by 2 to 3 basis points. US President Trump said on September 30 that he is discussing a diesel export ban "every day," and the US administration is moving quickly to curb surging energy prices. According to three people familiar with the discussions, the Trump administration has asked Germany and France to release emergency diesel reserves to ease the global surge in fuel prices, warning that the United States could ban diesel exports if they refuse.
Global M&A Falls 41% in Third Quarter, Year-to-Date Deal Value Holds at a Strong $3.9 Trillion
Global mergers and acquisitions totaled $993 billion in the third quarter of 2026, a 41% decline from the second quarter. According to LSEG data, this is the first quarter since the second quarter of 2025 that quarterly deal value has fallen below $1 trillion. Only 10 deals worth more than $10 billion were announced in the third quarter, the lowest level since the fourth quarter of 2024. Meanwhile, global M&A activity since the start of the year saw deal counts fall 8%, but total transaction value rose 28% year on year to $3.9 trillion, the highest level since 2001. By region, M&A in the United States and Europe fell sharply in the third quarter, while Asia-Pacific deal value reached $242 billion, up 8% from the second quarter and up 36% from a year earlier. Karsten Worn of Goldman Sachs said that if the current pace continues, full-year M&A volume will surpass the record high set in 2021.
Goldman Sachs survey finds 8 in 10 Gen Z and millennials hold second jobs as retirement hopes fade
A new Goldman Sachs retirement survey has found that 80% of Gen Z workers and 77% of millennials are taking on additional work outside their primary jobs, with 76% of Gen Z and 73% of millennials saying they could not make ends meet without that extra income. Across all employees, 61% reported engaging in additional work, and the survey showed respondents were less likely this year, at 58%, to say they were on track for their retirement goals, down from 68% last year. Chris Ceder, senior retirement strategist at Goldman Sachs Asset Management, told a media roundtable that savings momentum seems to be stalling, with the share of people increasing their savings into 2026 falling from 55% to 39%. The strain is affecting daily work, as 69% of Gen Z and 67% of millennials said they find it difficult to focus at work because of worries about debt or household costs, while 34% of Americans said a primary motivation for changing jobs would be to earn more money. The findings come amid mortgage rates that remain elevated, unaffordable house prices, inflation at 3.4%, and concerns over job security due to AI, with Goldman noting that costs such as housing now crowd out retirement saving priorities.
Fed Finalizes Stress-Test Overhaul to Cut Capital-Requirement Volatility
The Federal Reserve has finalized major changes to its annual bank stress-testing framework, aiming to make the process more transparent and reduce swings in stress-related capital requirements. The Fed finalized two rules that largely follow proposals released in 2025 and significantly modify how stress capital buffers, or SCBs, are determined. Under the first rule, the central bank will seek public feedback each year on its hypothetical stress scenarios and material changes to the models used to estimate bank losses, provide additional documentation on those models, and revise the annual testing calendar. Under the second rule, beginning in 2028, a bank's SCB will be calculated using the average results of its two most recent annual supervisory stress tests, provided it participated in both. According to the Fed, the combined changes could reduce year-over-year volatility in capital requirements by roughly 50%, while leaving aggregate capital requirements across the banking system broadly unchanged. The changes are particularly relevant for major U.S. banks including JPMorgan Chase & Co., Bank of America Corporation, Citigroup Inc., Wells Fargo & Company and The Goldman Sachs Group, Inc.; JPMorgan, Bank of America and Wells Fargo currently have SCBs of 2.5%, compared with 3.6% for Citigroup and 3.4% for Goldman Sachs. Banks with large trading books will be subject to two global market-shock components, with the scenario generating the larger loss used in the calculation, a provision relevant to Goldman Sachs, JPMorgan and Citigroup, and the Fed is also seeking feedback on revisions to its non-interest-income model to better reflect differences in banks' fee-generating businesses.
BAC · Regulation · Positive Fed's finalized stress-test overhaul cuts SCB volatility ~50% and keeps aggregate capital requirements broadly unchanged, easing capital-planning uncertainty for BofA.
C · Regulation · Positive Citigroup, with a 3.6% SCB, benefits from the Fed's finalized rules reducing year-over-year capital-requirement volatility.
GS · Regulation · Positive Goldman Sachs, with a 3.4% SCB and large trading book, gains from the finalized stress-test changes and the two global market-shock components provision.
JPM · Regulation · Positive JPMorgan, a major U.S. bank with a 2.5% SCB and large trading book, benefits from the Fed's finalized rules cutting capital-requirement volatility.
WFC · Regulation · Positive Wells Fargo, with a 2.5% SCB, benefits from the Fed's finalized stress-test overhaul reducing swings in capital requirements.
Quarter-End Rebalancing Hits Unusual Scale as Bonds Plunge and Stocks Rally
Third-quarter quarter-end portfolio adjustments appear to have been far larger than in a typical year, driven by a sharp drop in bond prices and stock markets trading near record highs. Jordan Jackson, a global market strategist at JPMorgan, said this quarter's rebalancing is shaping up to be among the largest ever. According to a report published by Goldman Sachs this week, U.S. pension funds alone are expected to sell 33 billion dollars of equities and shift the proceeds into bonds around quarter-end to return to their target allocations. Michael O'Rourke, chief market strategist at JonesTrading, noted that the slump in U.S. Treasuries has created the most attractive investment opportunity in decades, while stocks look considerably overvalued. Michael Gates of BlackRock said the firm has been rebalancing in some areas, increasing allocations toward equity and bond sectors it sees as offering lower risk and greater upside heading into year-end.
GS · · Neutral Goldman Sachs report forecasts pension funds will sell $33B of equities into bonds at quarter-end; no direct impact on Goldman itself.
BLK · · Neutral BlackRock's Gates says the firm is rebalancing toward lower-risk equity and bond sectors, but no specific impact on BlackRock is stated.
JPM · · Neutral JPMorgan strategist Jackson comments that quarter-end rebalancing is among the largest ever; no company-specific impact.
JonesTrading Institutional Services LLC · · Neutral JonesTrading's O'Rourke comments on Treasuries and overvalued stocks; no company-specific impact.
Goldman Sachs pushes back Fed rate hike forecast to December 2026 after inflation comes in below expectations
Goldman Sachs has pushed back its forecast for the Federal Reserve's next interest rate hike from October to December 2026, after US inflation data came in below market expectations. Previously, Goldman Sachs had expected the Fed to raise rates by another 0.25% at its October meeting, but it now says it has moved its forecast for the second rate hike to December and sees a high chance that the Fed's monetary policy committee, the FOMC, may ultimately conclude that no further rate increases are needed. The revision in outlook came after data released on Wednesday, September 30, showed that US inflation in August rose less than expected, with the personal consumption expenditures price index, or PCE, up 3.4% from a year earlier, below the 3.7% economists surveyed by Reuters had expected. Meanwhile, interest rate futures reflected roughly a 38% chance that the Fed will raise rates by 0.25% in October, according to data from the CME FedWatch Tool, down from about 51% the previous day and nearly 71% a week earlier. Investors are now watching the US nonfarm payrolls report for September, due on Friday, to assess the direction of Fed rate policy going forward.
GS · Monetary · Neutral Goldman Sachs revised its Fed rate-hike forecast to December 2026 after softer-than-expected PCE inflation, a macro monetary call rather than a company-specific event.
Newstreet buys Gold Coast office building for $6.8M residential conversion
Chicago multifamily developer Newstreet Properties has acquired a seven-story office building at 1165 North Clark Street in the Gold Coast for $6.8 million, with plans to convert it into an 80-unit apartment complex. Newstreet, recently rebranded from Initium Development, bought only the vertically-separated office portions of the building, totaling 74,500 square feet and excluding the ground-floor retail and parking, according to development director Alex Milanoski. The seller, Goldman Sachs, had paid $22.8 million for the entire 110,000-square-foot building in 2015, and separately sold the roughly 18,000-square-foot ground-floor retail space to YFP for $21.3 million in 2022. The deal was financed with a mix of equity and a $5.5 million loan from Chicago-based CRE Bridge Capital, with Newstreet and an anonymous equity partner contributing the remaining $1.3 million. It marks the firm's first office-to-residential conversion, following a year of talks with Goldman Sachs, and Newstreet hopes to start construction by June 2027 with a 12-to-13-month move-in timeline; Eckenhoff Saunders is the architect.
Newstreet (formerly Initium Development) · Capital · Positive Newstreet acquired the office building for $6.8M to convert into 80 apartments, expanding its multifamily pipeline.
GS · Capital · Negative Goldman Sachs sold the office building for $6.8M after paying $22.8M in 2015, realizing a large loss on the asset.
CRE Bridge Capital · Capital · Neutral CRE Bridge Capital provided a $5.5M loan for the acquisition, a financing transaction but no clear positive/negative signal.
Goldman sees U.S. pension funds selling $33 billion in stocks
U.S. pension funds are projected to sell approximately $33 billion in stocks as September ends, according to a note Monday from Goldman Sachs. That selling flow ranks in the 98th percentile of the firm's data dating back to 2000. At the same time, commodity trading advisors are positioned to buy around $11.5 billion in stocks globally if markets remain flat through the week, the trading desk said. The buying could increase to $29.9 billion if stocks rise, while a market decline would trigger selling flows of about $15.8 billion.
GS · · Neutral Goldman Sachs is the source of the note projecting $33B in pension-fund stock selling, but the flow forecast is not a company-specific development for Goldman itself.
JPMorgan and Goldman Say Middle East Oil Exports Recovering Toward Pre-War Levels
JPMorgan Chase and Goldman Sachs assess that crude oil export volumes from the Middle East are likely to recover to pre-war levels, though risks remain. JPMorgan said crude shipments have recovered to 17.5 million barrels per day, or 98% of pre-war levels, while shipments of refined products such as diesel and gasoline stand at 3 million barrels per day, or 58% of pre-war levels. Measured on a 10-day average over the past five days, overall oil shipment volumes stand at 89% of 2025 levels. Shipments through the Strait of Hormuz have returned to their late-June peak of nearly 13 million barrels per day, led by exports from Saudi Arabia, which has restored about half of its exports through the East-West Pipeline to Red Sea ports after attacks earlier in the month. Goldman Sachs said oil exports from the Persian Gulf, including a rise in covertly shipped oil, reached 23.3 million barrels per day over the past week, close to the 2025 average, and assessed that the global oil market was broadly balanced in September. Saudi Arabia's exports more than doubled in September and were above the 2025 average, while Brent crude is on track for a third consecutive monthly gain, expected to rise about 14% in September.
BRENT · Supply · Negative Middle East crude exports recovering toward pre-war levels and a broadly balanced global oil market imply rising supply, pressuring Brent crude prices.
GS · · Neutral Goldman Sachs is cited as assessing recovering Persian Gulf oil exports and a broadly balanced market, but this is a market commentary with no clear directional impact on the firm.
JPM · · Neutral JPMorgan is cited as assessing recovering Middle East crude and refined-product shipments, a market commentary with no clear directional impact on the firm.
Goldman Sachs Board Weighs Naming John Waldron Chief Executive
Goldman Sachs' board is discussing naming chief operating officer John Waldron as the firm's next chief executive as soon as next year, according to a Wall Street Journal report on September 28, succeeding David Solomon. Waldron has been widely reported as the likely successor since becoming president and chief operating officer, so the news is the timing rather than the name. Solomon would not be leaving under pressure on results, an unusual departure for a large-bank chief executive. Goldman generated about $67.57 billion of revenue over the past twelve months, and in the most recent quarter revenue rose 42.5%, earnings rose 78% against a year earlier, and return on equity reached 16.9%. The firm trades at about 14 times trailing earnings and 2.52 times book value, and was held by 92 hedge funds with a combined stake value of about $11.2 billion at the end of Q2 2026, up from 83 hedge fund holders with a cumulative investment value of around $8.8 billion in the previous quarter.
GS · Capital · Neutral Board weighs naming John Waldron as next CEO to succeed David Solomon, a leadership-succession event with no clear directional impact on results.
Tesla Pushes Roadster Reveal to October 15 as Q3 Deliveries Loom
Tesla has postponed its Roadster reveal, originally scheduled for Thursday, October 1st in Waco, Texas, to October 15th, citing severe weather for an event that "can only be held outdoors." The company has reopened Roadster reservations requiring a $50,000 deposit, with $250,000 required for the Founders Series. The nearer-term catalyst is Tesla's third-quarter delivery report due this Friday, with Wall Street consensus near 454,000 vehicles and estimates ranging from roughly 422,000 to 482,000, while Goldman Sachs sits at 435,000 after cutting from 490,000 and Kalshi prediction markets run around 480,000. Analysts suggest a figure above 485,000 would constitute a real upside surprise, after Tesla's second-quarter actual deliveries of 480,126 beat the company-compiled consensus of 406,024 by 74,000 units. Earlier this month Goldman Sachs cut its third-quarter delivery forecast by 55,000 units on softness in China, the United States and Europe, yet the shares barely moved, signaling the market has repriced Tesla around autonomy, robotics and energy rather than car sales. Robotaxi service now operates in seven U.S. markets with Nevada approving fleet expansion to as many as 5,000 vehicles, Cybercab production has begun at Gigafactory Texas, and Full Self-Driving subscriptions reached 1.48 million, up 56% year over year.
Robotics & Physical AI › Robotaxi Operators & Platforms ▲Demand
TSLA · Demand · Neutral Q3 delivery report due Friday with consensus near 454,000 vehicles and a wide estimate range, a key demand catalyst.
TSLA · Technology · Neutral Tesla postponed its Roadster reveal to October 15 due to severe weather and reopened reservations requiring deposits.
GS · Capital · Neutral Goldman Sachs cut its Q3 Tesla delivery forecast to 435,000 from 490,000, but this is an analyst estimate about Tesla, not a development for Goldman itself.
Goldman Sachs considers naming John Waldron CEO to succeed David Solomon as early as 2027
Goldman Sachs is facing a major challenge in planning its chief executive succession, with the board having discussed the possibility of appointing John Waldron, the 57-year-old president and chief operating officer, to replace current CEO David Solomon, 64, as early as 2027, according to reports from CNBC and The Wall Street Journal. Under the plan, Solomon could move up to the role of executive chairman, and the matter could go to a board vote within the next few months. The key risk is that Solomon has shown no sign of stepping aside, while Waldron may not wait indefinitely; he previously discussed leadership opportunities at Apollo Global Management and Carlyle Group, prompting Goldman Sachs to grant him a retention pay package worth as much as 80 million dollars, or about 2.6 billion baht, that runs through 2030. In the first half of 2026, Goldman Sachs advised on mergers and acquisitions worth a combined total of more than 1 trillion dollars and posted equity trading revenue of more than 12 billion dollars, a record high. Since Solomon became CEO in 2018, Goldman Sachs shares have risen more than 300%.
GS · · Neutral CEO succession planning with Waldron as possible successor and Solomon possibly moving to executive chairman; no clear positive or negative driver.
GS Credit's third-quarter redemption requests fall to 2%
Goldman Sachs' private credit fund said on the 29th that investor redemption requests declined further in the third quarter. The GS Credit fund, with 18.2 billion dollars in assets under management, saw redemption requests in the third quarter amount to just 2% of net assets, down from 3.2% in the previous quarter. Redemption requests for the fund have remained below the customary 5% cap since its inception. Meanwhile, third-quarter redemption requests at large publicly disclosed private credit funds have come in at 10% to more than 16%, and data for funds under Blue Owl is expected to be published within days. GS Credit said concerns over the credit quality of software-related lending, which drew heavy coverage in 2026, are beginning to ease, noting that the first-quarter view of a "SaaS apocalypse" and second-quarter uncertainty over corporate software spending drove a sharp widening of spreads, but conditions changed significantly in the third quarter.
GS · Capital · Positive GS Credit's Q3 redemption requests fell to 2% of net assets, well below the 5% cap and far under peers' 10-16%, signaling strong investor confidence in Goldman's private credit fund.
Avalanche's AVAX Hits Six-Month High as Goldman Treasury Fund Joins Lynq Network
Avalanche's AVAX token climbed to a six-month high Tuesday after Goldman Sachs made its roughly $100 billion Treasury money-market fund available through Lynq, an institutional settlement network built on Avalanche blockchain technology. AVAX rose as high as $11.99 and was recently up about 10% for the day, following Monday's announcement that Goldman Sachs' Financial Square Treasury Instruments Fund, known as FTIXX, can now be accessed by qualified U.S. participants through Lynq. The Goldman fund itself has not been tokenized; instead, tZERO Securities, an SEC-registered broker-dealer, is facilitating access to the existing fund through Lynq, which tZERO described as roughly a $100 billion fund. Lynq was developed by Arca Labs, Tassat and tZERO as a real-time settlement network for institutional digital assets, launching in July 2025 with its first transaction recording client assets on the Avalanche blockchain, while Avalanche provides the open-source Layer 1 infrastructure and U.S. Bank serves as Lynq's qualified cash custodian. Lynq said in February that assets on the platform had surpassed $89 million and that it had partnerships with more than 30 institutional digital-asset firms, with existing partners and participants including Galaxy, Crypto.com, FalconX, Fireblocks, Wintermute and B2C2.
Digital Finance & Tokenization › Real-World Asset Tokenization ▲Demand
AVAX · Demand · Positive Goldman's ~$100B Treasury fund joining Lynq, which settles on Avalanche, drives institutional adoption of the AVAX network.
Lynq · Demand · Positive Goldman Sachs' ~$100B Treasury fund is now accessible through Lynq, expanding the network's institutional asset access and adoption.
GS · Demand · Positive Goldman's ~$100B FTIXX Treasury fund is now accessible through Lynq on Avalanche, expanding distribution of its fund to qualified U.S. participants.
Arca Labs · Demand · Positive Arca Labs co-developed Lynq, the settlement network now hosting access to Goldman's ~$100B Treasury fund.
Tassat · Demand · Positive Tassat co-developed Lynq, the settlement network now hosting access to Goldman's ~$100B Treasury fund.
tZERO Group, Inc. · Demand · Positive tZERO co-developed Lynq and is facilitating access to the Goldman fund, boosting its institutional settlement platform.
Goldman Sachs Opens $100 Billion Treasury Fund to Crypto Firms
Goldman Sachs is opening its roughly $100 billion Treasury fund, FTIXX, to institutional crypto firms without creating a tokenized version of it. The fund will be made available through Links, a settlement network used by institutional digital asset companies, allowing firms including Galaxy, Wintermute, Falcon X, Crypto.com and Fireblocks to sweep cash held between trades into the fund to earn a yield. The approach differs from tokenized offerings such as BlackRock's BUIDL and Franklin Templeton's Benji, instead letting crypto firms use traditional finance rails to earn passive yield on idle cash.
GS · Demand · Positive Goldman opens its ~$100B FTIXX Treasury fund to institutional crypto firms via the Links settlement network, expanding the fund's client base and assets.
Goldman Sachs Shares Fall 2.05% as Earnings Report Looms
Goldman Sachs closed at $916.28, down 2.05% and steeper than the S&P 500's 0.77% decline, while the Dow lost 0.67% and the Nasdaq 0.92%. The investment bank's stock has dropped 9.53% over the past month, trailing the Finance sector's 3.48% loss and the S&P 500's 0.96% gain. Goldman Sachs is scheduled to release its earnings on October 13, 2026, with consensus projecting EPS of $15.18, up 23.92% year over year, and revenue of $17.14 billion, up 12.91%. For the full year, the Zacks Consensus Estimates call for earnings of $69.64 per share and revenue of $71.62 billion, changes of +35.7% and +22.88% from last year. The Zacks Consensus EPS estimate has moved 1.08% higher in the past month, and Goldman Sachs currently carries a Zacks Rank of #3 (Hold), with a Forward P/E of 13.43 versus its industry average of 13.26.
GS · Capital · Neutral Goldman shares fell 2.05% ahead of its Oct 13 earnings report, with consensus projecting strong EPS/revenue growth and a Zacks #3 (Hold) rank.
Goldman Sachs Wins SEC Approval for Board-Default Voting Option
Goldman Sachs Group Inc. plans to give individual shareholders the option of letting the board of directors decide how their votes will be cast, a year after coming closer than ever to having its executive compensation proposal rejected. Regulators gave a green light to the firm's request to let retail investors vote with the board by default, according to a Securities and Exchange Commission letter Monday, and those investors account for roughly 30% of Goldman's shares, according to a person familiar with the matter. The change is likely to increase turnout in a way that boosts support for the company's position on key proposals at annual general meetings, where a third of voting shareholders objected last year to a pair of $80 million retention bonuses for Chief Executive Officer David Solomon and President John Waldron, the most pushback on executive compensation the firm has ever experienced, while investors responsible for about a quarter of its shares didn't turn out to vote on the pay proposal at all. Goldman is following the example of ExxonMobil Holdings Corp., which in September 2025 became the first firm to receive the SEC's green light for such a voting program. If shareholders opt in, the program, run by Broadridge Financial Solutions Inc., will mean their votes are automatically registered in line with the board, though those shareholders can still change their votes manually on individual proposals or opt out. Solomon said in a statement that the firm is pleased to provide its individual investors with this free and flexible way to ensure their shares are voted on important matters.
GS · Regulation · Positive SEC approved Goldman's request to let retail investors vote with the board by default, boosting support for its positions at annual meetings.
BR · Demand · Positive Goldman's board-default voting program will be run by Broadridge, giving it a new client mandate for its voting services.
Citigroup Taps Wall Street Banks for Over $3B Banamex IPO
Citigroup is rounding up Wall Street banks as it seeks to raise more than $3B in an initial public offering for Mexico's Grupo Financiero Banamex, according to a media report. Bank of America, Goldman Sachs Group, and JPMorgan Chase are also participating in the deal, Bloomberg News reported, citing people familiar with the matter, adding that Citi and Banamex are planning for a listing in January. The banks are still assessing how much of Citigroup's remaining holdings in Banamex can be sold before an IPO, as further smaller stake sales are still possible, and talks are continuing with more banks potentially added and details subject to change. Last year, Citi sold a 25% stake in the Mexican retail bank to local billionaire Fernando Chico Pardo for about $2.3B, and earlier this year it sold 24% more of Banamex to General Atlantic and Blackstone.
C · Capital · Positive Citigroup is the subject, rounding up banks to raise over $3B via a Banamex IPO.
Grupo Financiero Banamex · Capital · Positive Banamex is the subject of a planned IPO raising over $3B, a major capital-markets event for the Mexican bank.
BAC · Capital · Positive Bank of America is participating in the over $3B Banamex IPO deal, a fee-generating mandate.
GS · Capital · Positive Goldman Sachs is participating in the over $3B Banamex IPO deal, a fee-generating mandate.
JPM · Capital · Positive JPMorgan Chase is participating in the over $3B Banamex IPO deal, a fee-generating mandate.
BX · Capital · Positive Blackstone earlier bought a 24% stake in Banamex, part of Citi's stake-sale process tied to the IPO.
Goldman Says S&P 500 Breadth Falls to Lowest Since Dot-Com Bubble
Goldman Sachs told clients Monday that market breadth in the S&P 500 has fallen to its lowest level since the dot-com bubble, even as AI stocks keep the index steady. Strategist Ben Snider said the median S&P 500 stock trades 16% below its 52-week high, while Goldman's sentiment indicator, which tracks how heavily U.S. equity investors are positioned in stocks, has dropped to -0.9, matching its March lows. Snider wrote that together these factors indicate the potential for both broad market upside and a catch-up from recent laggards if macro uncertainty declines. The S&P 500 has returned 14% so far this year, yet its forward P/E ratio has fallen from 22 times to 19 times, in line with its 10-year average, a move Goldman attributes partly to rising interest rates and investor concern that the AI spending boom is helping companies earn more than is sustainable. According to the bank's valuation model, the current multiple is consistent with a return on equity of 22%, which Snider said is high by historical standards but 2 percentage points below the current level, showing the market is rightly skeptical that today's profitability will last. Goldman also said its long/short value strategy has returned more than 25% since the middle of last year but expects it to do less well from here, with Snider advising investors to focus on generating alpha in stocks where they have differentiated views on long-term growth prospects.
Goldman Sachs in Talks to Acquire Palmer Square Capital Management
Goldman Sachs is reportedly in talks to acquire Palmer Square Capital Management, a credit-focused asset manager overseeing more than $37 billion, according to Bloomberg. The discussions are ongoing and could still fall apart. If completed, the deal would extend Goldman's recent push into asset management, following its agreed acquisition of NEOS Investments for up to $2.25 billion and its $2 billion acquisition of Innovator earlier this year. The move fits Goldman's stated strategy of expanding alternatives and credit, with a target of $300 billion in credit alternative assets by 2028 and $750 billion in total alternative assets by 2030. As of June 30, 2026, Goldman had $4 trillion in assets under supervision, while its alternatives business managed $459 billion. The acquisition price has not been disclosed, and the main risk is that Goldman could pay a high price for growth in an increasingly competitive credit market.
Goldman Sachs Initiates United Therapeutics With Sell Rating
Goldman Sachs initiated coverage of United Therapeutics with a Sell rating earlier this week, even as the company pursues an ambitious pipeline of 14 potential launches and a US$2.00 billion share repurchase authorization. The pipeline includes nebulized Tyvaso for idiopathic pulmonary fibrosis and once-daily oral ralinepag, and the company is also advancing long-horizon xenotransplantation efforts, including a xenokidney registration trial that management aims to translate into potential commercial availability by 2030. The recent US FDA acceptance of the sNDA for nebulized Tyvaso in IPF, with a review expected to complete in late April 2027, keeps regulatory progress as the most important near-term catalyst despite the 4% share pullback. United Therapeutics' narrative projects $4.5 billion revenue and $1.8 billion earnings by 2029, while the most optimistic analysts were once baking in US$5.0 billion revenue and US$2.3 billion earnings by 2029, raising fresh questions about whether those expectations still hold up in light of the new Sell rating.
Biotech & Genomic Medicine › Cardiovascular & Heart-Failure Therapeutics Competition
Biotech & Genomic Medicine › Regenerative Medicine & Tissue Engineering Technology
UTHR · Capital · Negative Goldman Sachs initiated coverage of United Therapeutics with a Sell rating, raising questions about its 2029 revenue and earnings expectations.
GS · Capital · Neutral Goldman Sachs initiated coverage of United Therapeutics with a Sell rating, an analyst action by the firm but not a development about Goldman itself.
Qualcomm, Smurfit Westrock, Capri and More Lead This Week's Key Deals
A wave of deal activity spanned multiple sectors this week, led by Qualcomm's acquisition of robotics software firm PickNik to boost its presence in physical AI and robotics. Smurfit Westrock agreed to acquire Empresas CMPC's Chilean containerboard and corrugated business for $420M, including a paper machine in Santiago that produces roughly 250K tons per year. Madison Dearborn Partners agreed to acquire holding firm The Marygold Companies in an all-cash transaction valuing it at $2.00 per share, a 100% premium over its September 24, 2026 closing price. Brookfield is in exclusive talks to buy fraud detection business Actimize from Nice for $2 billion, while Goldman Sachs emerged as the lead bidder for Palmer Square Capital Management, a credit manager overseeing more than $37 billion. Elsewhere, Capri Holdings soared 10% on a report it has connected with potential acquirers, Evonik rose 7.2% in German trading after a report that BASF approached it about a takeover, RPM International agreed to acquire Italy-based Volteco S.p.A. for its Tremco Construction Products Group, and Superstar Platforms agreed to acquire fintech company TitlePal in an all-stock transaction.
Goldman Sachs Raises Marathon Petroleum Price Target to $472
Goldman Sachs raised its price objective on Marathon Petroleum Corporation from $376 to $472 on September 21, maintaining a Buy rating on the refining stock. The revised target implies upside of over 17% from the current share price and sits above the stock's all-time high of $428 reached earlier this month. Marathon Petroleum has surged by over 143% since the beginning of 2026, driven by a spike in global refining margins as geopolitical disruptions took significant refining capacity offline. The raised target signals Goldman Sachs expects earnings power from the current refining environment to extend beyond Marathon's Q2 results, when profits jumped fourfold to $5.14 billion and its Refining & Marketing margin doubled to $36.33 per barrel from $17.58 per barrel a year earlier. The bullish call comes amid broader Wall Street optimism, with UBS, Morgan Stanley, and several other firms also raising their outlooks on the stock.
Anthropic Seeks Palantir-Style Founder Control Ahead of Potential $2 Trillion IPO
Anthropic is seeking shareholder approval for a governance structure that would give CEO Dario Amodei and his six co-founders a combined 50.1% of voting power ahead of a potential blockbuster IPO. The proposal would create a special class of shares giving the seven founders control over most corporate matters, provided at least three of them continue to hold a minimum number of shares, modeled on Palantir's founder-control system. The founders would not, however, control the election of Anthropic's board members, and the company also plans to give employees a separate class of stock that could serve as a tie-breaker on some corporate matters. The Claude maker is preparing for a potential public listing that could value it at around $2 trillion, potentially among the largest IPOs ever attempted, with Morgan Stanley and Goldman Sachs expected to play leading roles. Anthropic's IPO timing remains fluid, with recent reporting putting a potential launch around October or later.
Goldman Sachs Underweight on Hyperscaler AI Debt on Supply Flood
Goldman Sachs is turning more cautious on debt issued by the biggest AI hyperscalers, with its asset-management arm going underweight on the sector as massive infrastructure spending drives a flood of new corporate borrowing. "We believe there will be a lot of hyperscaler issuance," Lindsay Rosner, head of multi-sector fixed income investing at Goldman Sachs Asset Management, told Bloomberg TV. "For that sector at large we are underweight knowing more issuance will come." Amazon, Meta Platforms, Alphabet, Microsoft and Oracle have been ramping capital spending to finance data centers, chips, power and other AI infrastructure, pushing several Big Tech companies deeper into the corporate bond market. Rosner said her team still believes in the AI story but expects continued borrowing to reprice parts of the credit market as investors absorb larger volumes of new debt, a distinction she framed as primarily about supply. Brookings Institution research cited in the report estimates U.S. AI infrastructure could require roughly $10.3 trillion of investment through 2032, with more financial risk potentially moving away from Big Tech balance sheets and into less-transparent financing structures.
Artificial Intelligence › Foundation Models & Research Labs Capital
Artificial Intelligence › AI Compute Cloud & Neoclouds Capital
AMZN · Capital · Negative Goldman Sachs Asset Management went underweight hyperscaler debt as Amazon's AI-driven borrowing floods the corporate bond market, repricing credit.
GOOG · Capital · Negative Alphabet's heavy AI infrastructure capex and bond issuance prompted Goldman's underweight on hyperscaler debt.
META · Capital · Negative Meta's data-center and AI capex borrowing contributed to the supply flood that Goldman flagged in going underweight hyperscaler debt.
MSFT · Capital · Negative Microsoft's AI infrastructure spending and increased corporate bond issuance drove Goldman's underweight stance on hyperscaler debt.
ORCL · Capital · Negative Goldman Sachs Asset Management went underweight on hyperscaler AI debt as a flood of new issuance, including Oracle's, is expected to reprice credit markets.
GS · Capital · Neutral Goldman Sachs is the source of the underweight call on hyperscaler debt, a view from its asset-management arm rather than a direct financial event for the firm.
Goldman Sachs Fixed Income Warning Shocks Jim Cramer as Shares Fall 3.9%
Goldman Sachs CEO David Solomon warned on September 16 that the bank's fixed income business was shaping up to be softer in the third quarter compared to previous quarters, sending the shares down 3.9% that day and drawing a shocked reaction from CNBC host Jim Cramer. Cramer, whose charitable trust owns Goldman, said on his September 18 morning appearance that the meetings were terrible and that he was shocked by the soft fixed income, adding that if the numbers are going down, the stock is going down. The warning echoed an earlier caution from Bank of America CEO Brian Moynihan, who had flagged soft investment banking income due to a slowdown in fixed income trading. For Goldman, investment banking and trading income matters more than for Bank of America because of its ill-fated foray into and subsequent withdrawal from consumer banking, leaving mergers and acquisitions and investment banking performance to drive investor response. In the second quarter, Goldman's return on tangible common equity stood at 16.2%, up from 12.4% in 2025, 9.3% in 2024 and 7.1% in 2023, while investment banking fees grew 55% to $3.4 billion and Global Banking and Markets, which includes fixed income, grew 53%. Goldman trades at a forward P/E of 12.8 versus Bank of America's 10.8, with short interest at 2.4% of float against BAC's 0%, and 92 hedge funds disclosed a Goldman stake in the second quarter versus 111 for Bank of America.
ACADIA Pharmaceuticals shares fell 12.78 percent to close at $22.18 on Thursday, a fifth straight daily decline, after Goldman Sachs reiterated its sell rating and $17 price target on the stock following a Phase 2 trial miss. The trial of remlifanserin, a 5-HT2A inverse agonist, failed its primary endpoint in treating hallucinations and delusions in patients with Alzheimer's disease psychosis, and the $17 target implies a 23 percent discount to the latest close. The study will still advance to Phase 3, but ACADIA plans to drop the 30 mg dosage arm because of a lack of efficacy improvement in the completed trial, and detailed safety and efficacy data are set for an oral presentation at the Clinical Trials on Alzheimer's Disease conference in Boston on November 16 to 19, 2026. Citigroup kept its buy rating while cutting its price target to $33 from $40, and BMO Capital maintained an outperform rating while lowering its target to $34 and trimming its probability-of-success estimate for the drug to 35 percent from 40 percent. Insider Monkey data show 38 hedge funds held the stock in the second quarter, down from 39, but their combined holdings rose 13.67 percent to $1.58 billion from $1.39 billion quarter over quarter.
Biotech & Genomic Medicine › Neuroscience & Neurodegenerative Technology
ACAD · Technology · Negative Remlifanserin failed its Phase 2 primary endpoint in Alzheimer's disease psychosis and the 30 mg arm is being dropped for lack of efficacy.
ACAD · Capital · Negative Goldman Sachs reiterated its sell rating and $17 price target, while Citigroup and BMO cut their targets after the trial miss.
C · Capital · Neutral Citigroup kept its buy rating but cut its ACADIA price target to $33 from $40; no impact on Citigroup itself.
GS · Capital · Neutral Goldman Sachs reiterated its sell rating and $17 price target on ACADIA; no impact on Goldman itself.
Goldman Sachs Raises December Brent Forecast to $85 a Barrel
Goldman Sachs has raised its December Brent crude forecast to $85 a barrel as persistent energy-supply disruptions push inflation expectations higher across Asia. The call carries a twist for investors: with Brent recently trading around $100 and the supplied market snapshot showing roughly $107, the higher forecast still implies a significant retreat from current levels, suggesting the bank expects geopolitical risk premiums to fade rather than oil's latest surge to persist. The adjustment follows months of disrupted Middle East supplies and restricted flows through the Strait of Hormuz, which have left energy-importing Asian economies particularly exposed. Goldman expects higher energy costs to show up more clearly in September import and producer prices across Asia-Pacific economies, with a smaller immediate impact on consumer inflation because subsidies and regulated prices in several countries cushion households. The bank expects particularly stronger-than-consensus 2027 inflation in India and Malaysia, while its forecasts sit further below consensus in Japan, Vietnam and the Philippines. Saudi Arabia has restarted its East-West pipeline, but full capacity could take weeks to recover.
BRENT · Supply · Negative Goldman's $85 December forecast implies a retreat from Brent's ~$100-107 level as Middle East supply disruptions and Hormuz restrictions are expected to ease, with Saudi Arabia restarting its East-West pipeline.
GS · Capital · Neutral Goldman raises its December Brent forecast to $85, an analyst/valuation call that is the subject of the story.
Goldman Sachs Initiates Almonty at Neutral With $13 Price Target
Goldman Sachs initiated coverage on Almonty Industries with a Neutral rating and a $13 price target, sending shares down 8.3% in Thursday's trading. Analyst Nick Cash said Almonty sits at the center of the Western tungsten investment narrative, as policy actions taken by China have driven global supply concerns and pushed tungsten prices up 8x since the beginning of 2025. Cash expects tungsten prices to normalize as new mine supply, recycling, and refining capacity respond to current economics, and he sees a more gradual ramp-up than the market expects at the Sangdong mine in South Korea, one of the most important tungsten development assets outside China. While remaining constructive on the strategic value of Almonty's asset base, Cash said the current valuation already discounts much of the stock's upside potential, reflecting both a continuation of the current exceptional tungsten market and an aggressive production profile for Sangdong.
ALM · Capital · Negative Goldman Sachs initiated coverage with a Neutral rating and $13 price target, saying valuation already discounts upside and Sangdong ramp-up will be more gradual than expected.
GS · Capital · Neutral Goldman Sachs is the analyst initiating coverage on Almonty; the article reports its rating action but no company-specific development for Goldman itself.
Goldman Sachs Earned Over $200M in Fees From Situational Awareness
Goldman Sachs earned over $200M in fees in 2026 by lending to the hedge fund Situational Awareness, people familiar with the matter told the Financial Times. At its peak, the AI-focused hedge fund founded by former OpenAI researcher Leopold Aschenbrenner in 2024 was a major client of Wall Street banks including Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase, and it had become the biggest prime brokerage client at Goldman Sachs and one of its biggest overall clients in the trading division this year. The fund collapsed in July after rising to prominence through a series of highly lucrative bets on AI. Banks that handled Situational Awareness' trading and lent it borrowed money, including Goldman Sachs as one of the main lenders before its losses, were being investigated by the Securities and Exchange Commission, which asked for details about the fund's timing of trades and its communications with lenders about the money it was borrowing. Situational Awareness remains a Goldman client, according to the newspaper.
Deutsche Bank Shares Fall 4.5% as CFO Flags Flat to Lower Q3 Investment Bank Revenue
Deutsche Bank shares fell 4.5% after CFO Raja Akram said the Investment Bank's third-quarter revenues could be flat to slightly lower year over year, depending on activity in the final days of the quarter. Speaking at the Bank of America 31st Annual Financials CEO Conference, Akram noted the cautious view comes against a strong third-quarter 2025 comparison, when Investment Bank revenues jumped 18% year over year on strong Fixed Income & Currencies performance and robust credit trading. In the current quarter, FIC activity was healthy in July before slowing seasonally in August, while September trends have been mixed and credit trading sits below the year-ago level, though deal activity in mergers and acquisitions, equity offerings and debt issuance has remained strong. Management also raised its 2026 net interest income outlook to slightly above its previously provided guidance of nearly €14 billion, with structural hedges expected to contribute more meaningfully in 2027 and 2028. Separately, Goldman Sachs CEO David Solomon said investment-banking activity remained solid, while Bank of America CEO Brian Moynihan projected third-quarter investment-banking fees of $1.6-$1.8 billion versus $2 billion a year earlier, a decline of about 15% at the midpoint.
DBK.XETRA · Capital · Negative CFO Akram flagged Q3 Investment Bank revenues could be flat to slightly lower year over year, sending shares down 4.5%.
BAC · Capital · Negative BofA CEO Moynihan projected Q3 investment-banking fees of $1.6-$1.8B, down ~15% from $2B a year earlier.
GS · Capital · Neutral Goldman CEO Solomon said investment-banking activity remained solid, a passing positive comment with no company-specific figures.
Goldman Sachs in Talks to Acquire Palmer Square as M&A Deal Value Hits Record $2.8 Trillion
Goldman Sachs is in talks to acquire Palmer Square Capital Management, according to a Bloomberg report cited by Yahoo Finance, in a move that would expand its roughly $4-trillion Asset & Wealth Management franchise. The potential deal comes as global merger and acquisition activity reached a record $2.8 trillion in the first half of 2026, though preliminary data indicate some moderation in overall deal activity during the third quarter. Goldman's investment banking fees rose 52% year over year to $6.2 billion in the first half of 2026, and its investment banking backlog reached its highest level in five years, including a record advisory backlog. Under CEO David Solomon, Goldman expects its revenue base to reach $70 billion this year, up from the mid-$30 billion range when its strategic plan began in 2018-19. Evercore, whose Investment Banking & Equities business accounted for 97.6% of total revenues as of June 30, 2026, had 230 Senior Managing Directors, including 188 within Investment Banking, up from 197 and 159 a year earlier.
Hedge Fund SMA Assets to Reach $255 Billion by End of 2025, Goldman Says
Large multi-manager hedge funds are increasingly allocating capital to separately managed accounts, which manage money for a single client each, and a Goldman Sachs report shows that SMA assets under management stood at $255 billion at the end of 2025, up 20% from 2024. According to the report, hedge fund assets managed through SMAs grew at an annual rate of 13% over the past decade, outpacing the industry-wide rate of 5.5%. SMAs now account for 7.4% of total industry assets under management, half of all hedge funds run at least one, and their use is expanding among pension funds and sovereign wealth funds as well. The strongest growth was seen among the largest managers, those with more than $5 billion in assets under management, with the share of firms running SMAs rising 6% from 2024. Firms that include SMAs in their portfolios achieved returns about 0.4% higher than those that pool money from multiple investors.
Brookfield's GGP Secures $800M CMBS Refi for Oakbrook Center
Brookfield Asset Management's retail arm GGP is locking in an $800 million commercial mortgage-backed security refinancing for Oakbrook Center, one of the last large, functioning malls in suburban Chicago. A syndicate comprising Morgan Stanley, Bank of America, Citibank, Goldman Sachs and Wells Fargo are reportedly the originators and sellers of the $800 million loan, according to Bisnow. The CMBS loan is set to repay a previous $700 million CMBS loan tied to the Oakbrook Center at 100 Oakbrook Center in the suburb of Oak Brook, as well as pay off $30 million in early payoff penalties, with the remainder of the cash going to $5 million in closing costs and returning $65 million of equity to the sponsors. The loan carries a five-year interest-only term and an assumed rate of 5.9 percent, and in July 2026 the mall was 94 percent leased with around 160 unique tenants. Oakbrook Center is the second-largest shopping mall in the Chicago metro and not only came out of the pandemic alive, but thriving.
BAM · Capital · Positive Brookfield's GGP retail arm secures an $800M CMBS refinancing for Oakbrook Center, repaying the prior $700M loan and returning $65M of equity to sponsors.
BAC · Capital · Neutral Named as one of the syndicate originators/sellers of the $800M CMBS loan for Oakbrook Center; no specific financial impact stated.
C · Capital · Neutral Listed as an originator/seller in the $800M CMBS loan syndicate; no company-specific impact given.
GS · Capital · Neutral Named among the syndicate originators/sellers of the $800M CMBS refinancing; only a passing role mentioned.
MS · Capital · Neutral Reported as one of the originators/sellers of the $800M CMBS loan; no distinct impact on Morgan Stanley stated.
Goldman Sachs Sees One More 2026 Fed Hike, Tied to Oil Drop
Goldman Sachs expects one more interest rate hike for 2026 at the Fed's Oct. 27 meeting, after which the central bank could be done for this cycle, but the firm says a sustained pullback in oil prices that cools inflation is key to that two-and-done approach. Goldman predicts Brent crude oil will drop to $85 per barrel by December. Chief economist Jan Hatzius wrote in a new note that there is little precedent in modern FOMC history for skipping meetings before elections, noting the committee hiked by 75bp six days before the 2022 midterms, and that beyond October the firm sees a stable funds rate as core PCE inflation comes down faster than the committee projects, with rate cuts to a neutral rate estimate of 3.25-3.5% starting in late 2027. The oil call looks correct at least for this week: Brent crude has plummeted nearly 13% from its recent peak of $113 per barrel, breaking back below the key $100 psychological barrier to trade around $98.44, after Saudi Arabia's partial restart of its East-West Pipeline and US-Iran diplomatic dialogue at the United Nations General Assembly helped unwind the geopolitical risk premium. FedWatch Advisors founder Ben Emons said a renaissance in risk is unfolding, sparked by two forces suddenly snapping into alignment, pointing to Meta's release of free AI agents and the IRGC's signal that it may open the Strait within seven days.
BRENT · Supply · Negative Brent fell below $100 after Saudi Arabia's partial restart of the East-West Pipeline and US-Iran dialogue unwound the geopolitical risk premium.
GS · Monetary · Neutral Goldman forecasts one more 2026 Fed hike and a Brent drop to $85, tying its rate call to cooling oil-driven inflation.
Airtel Money Plans £6bn London Float in Biggest LSE Listing Since 2021
Airtel Money has launched plans for a £6bn float on the London Stock Exchange, the City's biggest listing since 2021. The African payments giant, which operates in 13 countries and is a subsidiary of FTSE 100 mobile operator Airtel Africa, is understood to be seeking to raise around $800m on the main market later this year, with at least 10pc of current shares expected to be floated and a valuation of around $8bn targeted. Airtel Africa, which holds a 77.9pc stake and said it expects to remain a long-term shareholder, is ultimately controlled by Bharti Enterprises, the Indian telecoms conglomerate run by billionaire Sunil Bharti Mittal. Airtel Money, which has around 53 million monthly users and reported $1.4bn of revenues last year, giving it underlying earnings before interest and other charges of $676m, is expected to join the London market in October, with Citigroup leading the float alongside Barclays, Merrill Lynch, Goldman Sachs and JP Morgan. The listing offers a welcome boost for the London Stock Exchange, where new listings have fallen from nearly 60 in 2007 to barely a handful in each of the last four years.
Digital Finance & Tokenization › Payments Modernization & Rails Capital
AAF.LSE · Capital · Positive Airtel Africa's 77.9%-owned Airtel Money subsidiary plans a £6bn London float raising ~$800m, crystallizing value for the parent.
C · Capital · Positive Citigroup is leading the £6bn Airtel Money London float, a mandate that boosts its investment-banking franchise.
Bharti Enterprises · Capital · Positive Bharti Enterprises ultimately controls Airtel Africa, whose Airtel Money subsidiary is planning an £6bn London float.
BARC.LSE · Capital · Positive Citigroup leads the £6bn Airtel Money London float alongside Barclays, giving Barclays a role in the LSE's biggest listing since 2021.
GS · Capital · Positive Goldman Sachs is named as a bookrunner on the Airtel Money IPO.
JPM · Capital · Positive JPMorgan is named as a bookrunner on the Airtel Money IPO.
Goldman Sachs Starts Tempus AI at Neutral With $75 Target
Goldman Sachs initiated coverage of Tempus AI with a Neutral rating and a $75 price target on September 21, flagging renewal risk in the company's data business even as diagnostics growth stays visible. The call landed the same day Tempus announced an extension of its partnership with Recursion Pharmaceuticals through 2029, replacing potentially discretionary fees with $42 million of committed payments. Tempus generated $382.5 million of second-quarter revenue, up 22% year-over-year, with Diagnostics revenue up 20% to $289.3 million, oncology volumes up 31%, and MRD testing at 9,000 tests, up 38% from the prior quarter. The Data and Applications segment grew faster, with revenue up 28% in the quarter and Insights revenue up 36%, alongside roughly $200 million in new Data and Applications licenses signed during the quarter. Management estimates FDA approval of tumor-only xT CDx could add about $85 million of annual revenue beginning in 2027, while the company also received FDA clearance for a third cardiovascular AI product and was selected for an ARPA-H program worth up to $9.5 million. Short interest stood at 29.46 million shares, or 29.17% of the float, down from 33.23 million a month earlier, while ARK Investment Management raised its stake 5% to 10.02 million shares and Citadel expanded its position 318% to 2.51 million shares.
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