Goldman Sachs Signals Softer FICC in Q3 But Equities and Investment Banking Provide Cushion

Goldman Sachs’ CEO David Solomon signaled at the Barclays 24th Annual Global Financial Services Conference on September 16 that the firm expects third-quarter fixed‑income, currencies, and commodities (FICC) trading to be “slightly softer” compared to earlier in the year, even as equity trading remains robust. Meanwhile, continued momentum in investment‑banking fees provides additional support for the Global Banking & Markets division.

In the first half of 2026, Goldman reported investment‑banking fees of $6.24 billion, up 52% year‑over‑year, against a backdrop of elevated dealmaking and underwriting activity. FICC revenues reached $8.60 billion, marking a 9% increase, while overall Global Banking & Markets revenues climbed 35% year‑over‑year to $28.26 billion. Solomon characterized FICC activity as moderating, even as equities trading remains very strong and IB fee momentum continues to build. This positions equities and dealmaking as potential offsets to any softness in FICC in the quarter ahead.

This commentary comes amid broader uncertainties—spot news and market chatter, including around the Federal Reserve’s policy trajectory at the time, contributed to pressure on Goldman’s stock. Notably, market participants observed a drop in the share price to its 200‑day moving average—underscoring how external macro forces and sector dynamics can overshadow company‑specific positives.

What Investors Should Watch

• FICC performance in Q3: A key source of trading revenue, FICC’s trajectory will influence Global Banking & Markets’ overall performance.
• Equity trading trends: Sustained strength here could mitigate weaker FICC results.
• Investment banking fees: Continued strength in underwriting and advisory activity would further support revenues.
• External market backdrop: Broader banking sector pressures or central‑bank moves may influence investor sentiment independently of Goldman’s fundamentals.

This development provides nuanced insight into the composition of Goldman’s revenue streams in Q3. While FICC may not replicate H1’s momentum, equity and advisory strength add resilience—though market sentiment may still exert outsized impact on near‑term stock performance.