Major U.S. banks, including JPMorgan Chase (JPM), Goldman Sachs (GS), and Bank of America (BAC), are set to report their earnings next week amid a resurgence in dealmaking and resilient consumer spending.
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Investment banking demand has mounted a comeback, with global mergers and acquisitions (M&A) activity totaling $2.6 trillion as of July, the highest seven-month total since 2021. Through mid-September, 49 M&A deals have been announced during the third quarter, exceeding 39 deals during the second quarter and 32 deals year-over-year, according to Piper Sandler.
Rate Cuts and Market Rally Fuel Banking Momentum
The beginning of the rate cut cycle and easing regulatory restrictions under the Trump administration have also supported dealmaking. In addition, a strong showing from U.S. equities has led to increased trading activity.
“Historically speaking, third quarter tends to be a seasonally slow period for trading … That said, Q3 2025 appeared to buck that trend,” said analysts at Jefferies.
JPMorgan, Goldman Sachs, Wells Fargo (WFC), and Citigroup (C) will kick off the bank earnings flurry on Tuesday, followed by Bank of America and Morgan Stanley (MS) on Wednesday.
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