Shares of The Goldman Sachs Group Inc (NYSE: GS) are trading lower Monday afternoon following cautionary commentary from Bank of America CEO Brian Moynihan regarding third-quarter dealmaking and trading activity.
Moynihan addressed an industry conference on Monday, warning that third-quarter sales and trading revenue will be roughly flat year-over-year. He also projected investment banking fees to fall between $1.6 billion and $1.8 billion for the third quarter, a decrease from the $2 billion recorded in the same period of 2025.
The guidance from Moynihan sparked immediate read-through fears regarding the broader capital markets fee pool. Goldman Sachs maintains an industry-leading exposure to institutional equity trading, fixed-income market-making, and corporate underwriting. Because the company relies far more heavily on investment banking and market-making revenues compared to universal bank peers with retail deposit bases, the industry-wide chill in corporate dealmaking is perceived to disproportionately impact Goldman's earnings power.
At the time of publication, Goldman Sachs Group shares were down 4.19% at $985.81, according to Benzinga Pro data.
