Buzzberg Cup Live

Goldman Breaks Own Stock-Trading Revenue Record Again

Watch on YouTube ↗  |  July 14, 2026 at 12:22  |  5:31  |  Bloomberg Markets
Speakers
Chris Marinac — Director of Research, Brean Capital

Summary

Chris Marinac of Brean Capital discusses Goldman Sachs' record stock-trading revenue and extends his bullish outlook to the broader US banking sector. He sees continued earnings momentum for Goldman, broad bank stock upside driven by estimate increases and P/E expansion, and specific tailwinds for regional banks from regulatory relief. Large cap banks are also regaining market share from private asset managers, while low credit costs and capital returns support valuations.

  • Goldman Sachs posts a record-breaking quarter in stock trading with more momentum ahead.
  • US bank stocks are seen as attractive on 2027 earnings with estimates set to rise.
  • Regional banks benefit from a friendlier regulatory environment, M&A prospects, and capital relief.
  • Large cap banks like BofA, JPMorgan, and Wells Fargo are winning back business from private asset managers.
  • Low credit costs and strong capital build are expected to drive buybacks and investor confidence.
  • Loan demand is picking up, supporting a positive outlook for net interest income in the second half.
Ideas
Chris Marinac Director of Research, Brean Capital 0:06
Goldman Sachs earnings momentum continues strongly.
Goldman Sachs posted record stock-trading revenue, and the runway is still very good for additional earnings. Another really good quarter in Q3 is likely. The stock is not expensive on 2027 earnings, estimates can rise, and capital build leading to more buybacks will expand the PE multiple.
GS HIGH
Chris Marinac Director of Research, Brean Capital 0:24
Bank earnings upgrades drive stock prices higher.
US bank stocks are not expensive on 2027 earnings, and the attitude towards 2027 should be more bullish. Earnings estimates can rise for next year and the second half of 2024 remains good. Estimate increases, operating leverage, low credit costs, capital build, and buybacks will drag stocks higher and expand P/E.
XLF HIGH
Chris Marinac Director of Research, Brean Capital 2:37
Regulatory relief fuels regional bank outperformance.
Regional banks are getting regulatory relief from the Fed and OCC, creating a window for expansion. M&A is expected, companies get capital relief and a better regulatory attitude, leading to better earnings and less regulatory spend. They are also winning back business from private asset managers, and outperformance should continue.
FITB PNC TFC HIGH
Chris Marinac Director of Research, Brean Capital 4:30
Large banks reclaim share from private markets.
Large cap banks like Bank of America, JPMorgan, and Wells Fargo are systemically gaining share from private asset management firms, winning back business that had been lost. This trend will become a lot more visible over the next three to four quarters, providing a tailwind.
BAC JPM WFC MED
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This Bloomberg Markets video, published July 14, 2026, features Chris Marinac discussing GS, XLF, FITB, PNC, TFC, BAC, JPM, WFC. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Chris Marinac  · Tickers: GS, XLF, FITB, PNC, TFC, BAC, JPM, WFC