Goldman Stock Traders Smash Records as BlackRock Assets Hit $14 Trillion

Watch on YouTube ↗  |  January 15, 2026 at 20:34  |  4:19  |  Bloomberg Markets
Speakers
Neil Sipes — Analyst, Bloomberg Intelligence

Summary

Bloomberg Intelligence's Neil Sipes joins Bloomberg Radio to review Q4 bank earnings, saying the results confirmed strong trading revenue and continued capital-markets momentum. He sees a broadening M&A recovery, accessible credit and tight spreads supporting an acceleration in investment-banking activity into 2026-2027, which he calls bread and butter for Goldman Sachs. He also highlights BlackRock's record $14 trillion of assets and the growing revenue contribution from its private-markets build-out.

  • Q4 bank results confirmed strong trading revenue and building capital-markets momentum.
  • JPMorgan's weaker quarter was attributed to deal timing and the government shutdown.
  • The speaker expects a broader M&A recovery into 2026-2027 beyond mega-cap deals.
  • Sponsor dual-track processes and deal financing are seen sustaining the investment-banking flywheel.
  • Goldman Sachs is described as most levered to the investment-banking upcycle.
  • Morgan Stanley's wealth-heavy mix was noted as steadier with high returns.
  • BlackRock hit a record $14 trillion in assets under management.
  • Private markets are a small share of BlackRock AUM but over 10% of revenue.
Ideas
Neil Sipes Analyst, Bloomberg Intelligence 0:00
Investment banking recovery has further to run.
Q4 results confirmed the expected backdrop of strong trading revenue and building capital-markets momentum. Rate markets near all-time highs, tight spreads, accessible credit markets and generally good confidence support a broadening M&A recovery beyond this year's handful of mega-cap deals, while sponsor clients' dual-track processes (M&A or IPO) and debt financing for large deals keep the investment-banking flywheel spinning. With Q1 seasonally strong for trading and investment banking expected to ramp, business that slipped in a shutdown-hit fourth quarter only accelerates the 2026-2027 outlook, pointing to growth across the board for investment banks.
Investment banks HIGH
Neil Sipes Analyst, Bloomberg Intelligence 1:02
Goldman's bread-and-butter investment banking outlook improves.
Strong conditions for investment-banking activity, including near-record rate markets, tight spreads, accessible credit, good confidence and a broadening M&A recovery expected into 2026-2027, are 'bread and butter' for Goldman Sachs, whose core franchise is levered to capital-markets activity.
GS MED
Neil Sipes Analyst, Bloomberg Intelligence 3:01
BlackRock's private-markets push lifts fundamentals.
BlackRock's record $14 trillion of assets under management is increasingly powered by private markets: recently closed private-credit and infrastructure deals are only now starting to flow through the numbers, and while private markets remain a low-single-digit share of AUM, they already contribute over 10% of revenue and a much bigger piece of the firm's financial P&L. Flow and growth numbers are unlike anything BlackRock has shown before, and the private-markets push is positive to fundamentals even as iShares and ultra-low-fee ETFs sit on the opposite side of the fee spectrum.
BLK HIGH
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This Bloomberg Markets video, published January 15, 2026, features Neil Sipes discussing Investment banks, GS, BLK. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Neil Sipes  · Tickers: Investment banks, GS, BLK