New York, January 14, 2026, 12:29 EST — Regular session
- GS shares dipped alongside other U.S. bank stocks following a batch of mixed earnings from major banks
- Apple Card’s shift to JPMorgan Chase remains a key watchpoint heading into earnings
- Traders are focused on any updates about deal fees, trading, and associated costs
Goldman Sachs (GS) shares dropped 1.2%, slipping $11.34 to $926.81 by midday Wednesday. The stock moved within a range of $918.24 to $937.87 during the session.
Bank shares slid on Wall Street following a round of Q4 earnings, dragging the S&P 500 bank index down 2.5% to its lowest point in five weeks. The broader market also fell for a second straight day. November’s producer prices came in line with forecasts, while retail sales beat estimates. Traders continued to price in at least two Fed rate cuts before year-end, according to LSEG data. (Reuters)
Policy risk is now part of the equation. Bank execs caution that President Donald Trump’s plan to cap credit-card interest rates at 10% might push lenders to tighten credit, potentially slowing growth despite a late-year rise in loan demand. They’ve also reaffirmed backing for Federal Reserve independence, following the Trump administration’s probe into Chair Jerome Powell. (Reuters)
Goldman Sachs will release its fourth-quarter 2025 earnings on Thursday, aiming for a 7:30 a.m. Eastern publication time. (Goldman Sachs)
Goldman Sachs flagged the Apple Card partnership as a key move. On Jan. 7, the firm announced a deal to hand over the Apple Card program and related accounts to JPMorgan Chase. CEO David Solomon called it a major step in streamlining their consumer business focus. The company expects the deal to boost fourth-quarter earnings per share by $0.46, with the full transition taking roughly 24 months. (Goldman Sachs)
JPMorgan, which released its earnings Tuesday, took a $2.2 billion hit for credit loss provisions linked to its deal with Goldman Sachs to acquire the Apple Card partnership. CFO Jeremy Barnum warned that imposing a cap would be “very bad for consumers, very bad for the economy,” forcing a major overhaul of its card business if enforced. While Trump has said companies must comply by Jan. 20, Wall Street analysts remain skeptical about whether the move can proceed without congressional approval. (Reuters)
Some investors flagged positioning and an overcrowded trade as factors. Bank stocks surged roughly 25% over the year leading up to Wednesday’s drop. “Banks have had a very strong start to the year and markets are taking a little time to digest,” said Jake Johnston, deputy chief investment officer at Advisors Asset Management. (Reuters)
Goldman is also benefiting from the upswing in deal fees. Citigroup reported a 35% jump in investment banking fees during the fourth quarter, driven by a rebound in dealmaking. Dealogic data confirmed this trend, showing global investment banking revenue climbed 15% in 2025, reaching nearly $103 billion. (Reuters)
Trading remains a key driver—and it can shift quickly. Bank of America reported that its traders capitalized on volatile markets in Q4, a scenario that tends to boost client activity at major Wall Street firms. (Reuters)
The Apple Card shift will unfold gradually, while the battle over credit-card rates still hangs in the balance. If deal activity slows and markets lose momentum, the boost to earnings from trading and advisory could vanish as fast as it appeared.
Goldman is set to release its next earnings report ahead of the opening bell on Jan. 15, Thursday. Investors will zero in on costs, updates on the deal pipeline, and the extent to which the Apple Card unwind has been factored into the quarter. (Nasdaq)
