# Goldman Sachs competitors: and the alternatives

Source: https://www.bankingnewsai.com/banks/goldman-sachs/competitors
Last updated: Oct 19, 2026

*Part of the [Goldman Sachs AI strategy profile](https://www.bankingnewsai.com/banks/goldman-sachs). Peer group: Morgan Stanley, JPMorgan Chase, Bank of America, Citigroup, UBS Group AG, Barclays PLC, Deutsche Bank, BNP Paribas SA.*

## Who are Goldman Sachs's competitors, and what are the alternatives?

Goldman Sachs' 2025 10-K says all of its businesses are 'intensely competitive' and lists brokers and dealers, investment banks, commercial banks, card issuers, hedge funds, private equity and private credit funds and fintechs among its rivals. In practice its competitors are a short list of global banks. In M&A it ranked first in 2025 by fees ($4.6 billion) and value advised ($1.48 trillion), ahead of JPMorgan, Morgan Stanley, Bank of America and Citi, though JPMorgan earned more total investment banking fees ($10.1 billion to $8.9 billion). In Europe, the Middle East and Africa it led with a 6.8% share of fees, followed by JPMorgan and BNP Paribas. In markets, Goldman posted record equities revenue of $4.31 billion in the fourth quarter of 2025 as JPMorgan, Morgan Stanley, Bank of America and Citi all grew prime brokerage. In wealth and asset management, with $3.61 trillion of assets under supervision, it meets Morgan Stanley, UBS and JPMorgan's private bank. Non-banks are the real rivals in two places: private credit funds, which its 10-K names, and independent advisers such as Evercore. Its consumer business is shrinking: the Apple Card is moving to JPMorgan Chase, and Marcus competes for deposits with direct banks. ([Goldman Sachs (SEC filing)](https://www.sec.gov/Archives/edgar/data/886982/000088698226000091/gs-20251231.htm), [Reuters](https://www.reuters.com/legal/transactional/goldman-sachs-tops-global-ma-rankings-with-148-trillion-deals-2026-01-06/), [Reuters](https://www.reuters.com/legal/transactional/european-investment-banks-fail-capitalise-trump-tariff-turmoil-2025-12-22/), [Reuters](https://www.reuters.com/business/finance/goldman-sachs-profit-rises-dealmaking-trading-strength-2026-01-15/), [Reuters](https://www.reuters.com/business/finance/strong-year-hedge-funds-drives-big-gains-wall-streets-prime-brokerage-engine-2026-01-14/), [CNBC](https://www.cnbc.com/2026/01/07/jpmorgan-apple-credit-card.html), [Synchrony Financial (SEC filing)](https://www.sec.gov/Archives/edgar/data/1601712/000160171226000006/syf-20251231.htm))

## What does Goldman say about its competition?

"The financial services industry and all of our businesses are intensely competitive, and we expect them to remain so. Our competitors provide investment banking, market-making and asset management services, private banking and lending and other wealth advisory services, commercial lending, credit cards, transaction banking, deposit-taking and other banking products and services, and make investments in securities, commodities, derivatives, real estate, loans and other financial assets. Our competitors include brokers and dealers, investment banking firms, commercial banks, credit card issuers, insurance companies, investment advisers, mutual funds, hedge funds, private equity funds, private credit funds, merchant banks and financial technology and other internet-based companies. Some of our competitors operate globally and others regionally, and we compete based on a number of factors, including transaction execution, client experience, products and services, innovation, reputation and price." ([Goldman Sachs (SEC filing)](https://www.sec.gov/Archives/edgar/data/886982/000088698226000091/gs-20251231.htm))

"To capitalize on some of our most significant opportunities, we will have to compete successfully with financial institutions that are larger and have more capital and that may have a stronger local presence and longer operating history outside the U.S. We also compete with smaller institutions that offer more targeted services, such as independent advisory firms. Some clients may perceive these firms to be less susceptible to potential conflicts of interest than we are, and, as described below, our ability to effectively compete with them could be affected by regulations and limitations on activities that apply to us but may not apply to them." ([Goldman Sachs (SEC filing)](https://www.sec.gov/Archives/edgar/data/886982/000088698226000091/gs-20251231.htm))

"In some circumstances, our competitors may offer financial products that we do not offer and that our clients may prefer, including cryptocurrencies, stablecoins and other digital assets that we cannot or may choose not to provide. Our competitors may also develop technology platforms that provide a better client experience." (Form 10-K for 2025, Item 1, filed February 25, 2026.) ([Goldman Sachs (SEC filing)](https://www.sec.gov/Archives/edgar/data/886982/000088698226000091/gs-20251231.htm))

## Who competes with Goldman in each of its businesses?

| Business line | Competitor | Type | Why it competes |
| --- | --- | --- | --- |
| Investment banking: M&A and underwriting | [JPMorgan Chase](https://www.bankingnewsai.com/banks/jpmorgan-chase) | Bank | LSEG data put JPMorgan second to Goldman in 2025 M&A fees ($3.1 billion to $4.6 billion) but first in total investment banking fees, $10.1 billion to Goldman's $8.9 billion, once equity and debt underwriting are included; in EMEA it ranked second behind Goldman. ([Reuters](https://www.reuters.com/legal/transactional/goldman-sachs-tops-global-ma-rankings-with-148-trillion-deals-2026-01-06/), [Reuters](https://www.reuters.com/legal/transactional/european-investment-banks-fail-capitalise-trump-tariff-turmoil-2025-12-22/)) |
| Investment banking: M&A and underwriting | [Morgan Stanley](https://www.bankingnewsai.com/banks/morgan-stanley) | Bank | Morgan Stanley earned $3 billion of M&A fees in 2025 and ranked third by deal value behind Goldman and JPMorgan; in EMEA it placed fifth by fees. ([Reuters](https://www.reuters.com/legal/transactional/goldman-sachs-tops-global-ma-rankings-with-148-trillion-deals-2026-01-06/), [Reuters](https://www.reuters.com/legal/transactional/european-investment-banks-fail-capitalise-trump-tariff-turmoil-2025-12-22/)) |
| Investment banking: M&A and underwriting | [Citigroup](https://www.bankingnewsai.com/banks/citigroup) | Bank | Citi earned $2 billion of M&A fees in 2025, fourth globally, and ranked fourth in EMEA investment banking fees, behind Goldman, JPMorgan and BNP Paribas. ([Reuters](https://www.reuters.com/legal/transactional/goldman-sachs-tops-global-ma-rankings-with-148-trillion-deals-2026-01-06/), [Reuters](https://www.reuters.com/legal/transactional/european-investment-banks-fail-capitalise-trump-tariff-turmoil-2025-12-22/)) |
| Investment banking: M&A and underwriting | [Bank of America](https://www.bankingnewsai.com/banks/bank-of-america) | Bank | Bank of America ranked fourth by value of deals advised in 2025, after Goldman, JPMorgan and Morgan Stanley, and worked on the year's two largest deals, on which Goldman did not advise. ([Reuters](https://www.reuters.com/legal/transactional/goldman-sachs-tops-global-ma-rankings-with-148-trillion-deals-2026-01-06/)) |
| Investment banking: M&A and underwriting | [BNP Paribas](https://www.bankingnewsai.com/banks/bnp-paribas) | Bank | BNP Paribas ranked third in EMEA investment banking fees in 2025, behind Goldman (6.8% share) and JPMorgan, and gained 0.1 percentage point of share on 2024, per LSEG data reported by Reuters. ([Reuters](https://www.reuters.com/legal/transactional/european-investment-banks-fail-capitalise-trump-tariff-turmoil-2025-12-22/)) |
| Investment banking: M&A and underwriting | Evercore | Other | Goldman's 10-K names independent advisory firms as rivals that some clients see as less conflicted; Evercore earned $1.7 billion of M&A fees in 2025, fifth globally, and is OpenAI's other design partner with Morgan Stanley on a banker research tool. ([Goldman Sachs (SEC filing)](https://www.sec.gov/Archives/edgar/data/886982/000088698226000091/gs-20251231.htm), [Reuters](https://www.reuters.com/legal/transactional/goldman-sachs-tops-global-ma-rankings-with-148-trillion-deals-2026-01-06/), [OpenAI](https://openai.com/index/introducing-chatgpt-financial-services/)) |
| Global Markets: equities, FICC and prime financing | [Morgan Stanley](https://www.bankingnewsai.com/banks/morgan-stanley) | Bank | Morgan Stanley also reported record equity net revenues in the fourth quarter of 2025 on higher prime brokerage balances, the quarter Goldman posted record equities revenue of $4.31 billion. ([Reuters](https://www.reuters.com/business/finance/strong-year-hedge-funds-drives-big-gains-wall-streets-prime-brokerage-engine-2026-01-14/), [Reuters](https://www.reuters.com/business/finance/goldman-sachs-profit-rises-dealmaking-trading-strength-2026-01-15/)) |
| Global Markets: equities, FICC and prime financing | [JPMorgan Chase](https://www.bankingnewsai.com/banks/jpmorgan-chase) | Bank | JPMorgan's equity markets revenue rose 40% to $2.9 billion in the fourth quarter of 2025, driven by prime brokerage; Reuters reports the largest US banks are scrambling to gain share at each other's expense since Credit Suisse's collapse. ([Reuters](https://www.reuters.com/business/finance/strong-year-hedge-funds-drives-big-gains-wall-streets-prime-brokerage-engine-2026-01-14/)) |
| Global Markets: equities, FICC and prime financing | [Bank of America](https://www.bankingnewsai.com/banks/bank-of-america) | Bank | Bank of America's fourth-quarter 2025 equities revenue, which houses its prime brokerage unit, jumped 23%, competing for the same multi-strategy hedge fund clients. ([Reuters](https://www.reuters.com/business/finance/strong-year-hedge-funds-drives-big-gains-wall-streets-prime-brokerage-engine-2026-01-14/)) |
| Global Markets: equities, FICC and prime financing | [Citigroup](https://www.bankingnewsai.com/banks/citigroup) | Bank | Citi's equities revenue was $1.1 billion in the fourth quarter of 2025 with prime balances up more than 50%, and its CEO said Citi continues 'growing in prime'. ([Reuters](https://www.reuters.com/business/finance/strong-year-hedge-funds-drives-big-gains-wall-streets-prime-brokerage-engine-2026-01-14/)) |
| Global Markets: equities, FICC and prime financing | [Barclays](https://www.bankingnewsai.com/banks/barclays) | Bank | Reuters reports Wall Street banks strengthened their lead over European lenders including Barclays and Deutsche Bank in 2025; Barclays lost EMEA fee share while Goldman led the region. ([Reuters](https://www.reuters.com/legal/transactional/european-investment-banks-fail-capitalise-trump-tariff-turmoil-2025-12-22/)) |
| Asset & Wealth Management | [Morgan Stanley](https://www.bankingnewsai.com/banks/morgan-stanley) | Bank | Morgan Stanley reports $7.35 trillion of wealth client assets, against Goldman's $3.61 trillion of assets under supervision at the end of 2025; both name investment advisers and asset managers among their competitors. ([CNBC](https://www.cnbc.com/2026/06/03/ai-agents-morgan-stanley-wealth-management-funnel.html), [Reuters](https://www.reuters.com/business/finance/goldman-sachs-profit-rises-dealmaking-trading-strength-2026-01-15/), [Morgan Stanley (SEC filing)](https://www.sec.gov/Archives/edgar/data/895421/000089542126000086/ms-20251231.htm)) |
| Asset & Wealth Management | [UBS](https://www.bankingnewsai.com/banks/ubs) | Bank | Goldman's 10-K lists private banking and wealth advisory among the services its competitors provide; UBS, the Zurich-headquartered global wealth manager, reported US$1.7 trillion of total assets at June 30, 2026 and says nearly 90% of its US advisor teams use its flagship AI platform. ([UBS Group AG and UBS AG (Business Wire)](https://businesswire.com/news/home/20260728010217/en/UBS-AG-UK-Regulatory-Announcement-UBS-reports-2Q26-net-profit-of-USD-2.8bn-and-USD-5.8bn-for-1H26-with-robust-momentum-across-businesses-Group-invested-assets-at-USD-7.3trn-Ad-hoc-announcement-pursuant-to-Article-53-of-the-SIX-Exchange-Regulation-Listing-Rules), [UBS Group AG (SEC filing)](https://www.sec.gov/Archives/edgar/data/1610520/000161052026000053/investorpresotext2026.htm), [Goldman Sachs (SEC filing)](https://www.sec.gov/Archives/edgar/data/886982/000088698226000091/gs-20251231.htm)) |
| Asset & Wealth Management | [JPMorgan Chase (private bank)](https://www.bankingnewsai.com/banks/jpmorgan-chase) | Bank | InvestmentNews reports JPMorgan's private bank earned more than $12 billion in 2025; Goldman raised its asset and wealth management pre-tax margin target to 30% after a 25% margin in 2025. ([InvestmentNews](https://www.investmentnews.com/wirehouses/citi-turns-up-the-heat-on-wealth-bankers-as-it-races-to-close-the-gap-with-rivals/266043), [Reuters](https://www.reuters.com/business/finance/goldman-sachs-profit-rises-dealmaking-trading-strength-2026-01-15/)) |
| Asset & Wealth Management | Private credit funds | Non-bank lender | Goldman's 10-K names private credit funds and private equity funds among its competitors, and Solomon's 2026 shareholder letter flagged private-credit exposure to software companies that AI may hurt. ([Goldman Sachs (SEC filing)](https://www.sec.gov/Archives/edgar/data/886982/000088698226000091/gs-20251231.htm), [The Wall Street Journal](https://www.wsj.com/finance/banking/financial-services-roundup-market-talk-eade6365)) |
| Asset & Wealth Management | Passive index fund providers | Broker or asset manager | Goldman's 10-K says the increasing prevalence of passive investment strategies, which typically carry lower fees, has affected the competitive and pricing dynamics of its asset management products. ([Goldman Sachs (SEC filing)](https://www.sec.gov/Archives/edgar/data/886982/000088698226000091/gs-20251231.htm)) |
| Consumer deposits: Marcus | [Ally Financial](https://www.bankingnewsai.com/banks/ally) | Bank | Synchrony's 2025 10-K lists Ally Financial and Marcus by Goldman Sachs among the direct banks it competes with for deposits; Ally's own 10-K says it has no branch network and gathers deposits online. ([Synchrony Financial (SEC filing)](https://www.sec.gov/Archives/edgar/data/1601712/000160171226000006/syf-20251231.htm), [Ally Financial (SEC filings)](https://www.sec.gov/Archives/edgar/data/40729/000004072926000005/ally-20251231.htm)) |
| Consumer deposits: Marcus | [American Express](https://www.bankingnewsai.com/banks/american-express) | Bank | Named with Marcus by Goldman Sachs, Capital One, Citi and Barclays in Synchrony's 10-K list of banks with direct banking models that compete for deposits. ([Synchrony Financial (SEC filing)](https://www.sec.gov/Archives/edgar/data/1601712/000160171226000006/syf-20251231.htm)) |
| Consumer deposits: Marcus | [Capital One](https://www.bankingnewsai.com/banks/capital-one) | Bank | On Synchrony's list of direct-bank deposit competitors with Marcus; Capital One's own 10-K reports 'strong and increasing competition in the direct banking market'. ([Synchrony Financial (SEC filing)](https://www.sec.gov/Archives/edgar/data/1601712/000160171226000006/syf-20251231.htm), [Capital One via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/927628/000092762826000024/cof-20251231.htm)) |
| Consumer deposits: Marcus | [Synchrony](https://www.bankingnewsai.com/banks/synchrony) | Bank | Synchrony's 10-K names Marcus by Goldman Sachs as a direct bank it competes with for deposits, adding that online banking lets customers move funds rapidly between competitors. ([Synchrony Financial (SEC filing)](https://www.sec.gov/Archives/edgar/data/1601712/000160171226000006/syf-20251231.htm)) |
| Consumer cards: the Apple Card exit | [JPMorgan Chase](https://www.bankingnewsai.com/banks/jpmorgan-chase) | Bank | JPMorgan agreed in January 2026 to take over the Apple Card and more than $20 billion of card loans from Goldman, which says the transition will take about 24 months; Goldman also sold its General Motors card program to another issuer in 2025. ([CNBC](https://www.cnbc.com/2026/01/07/jpmorgan-apple-credit-card.html), [Goldman Sachs (SEC filing)](https://www.sec.gov/Archives/edgar/data/886982/000088698226000091/gs-20251231.htm)) |
| Consumer cards: the Apple Card exit | [American Express](https://www.bankingnewsai.com/banks/american-express) | Bank | CNBC reports American Express, Synchrony and Barclays were among the issuers that held talks about the Apple Card before exiting, leaving JPMorgan as the last bank standing. ([CNBC](https://www.cnbc.com/2026/01/07/jpmorgan-apple-credit-card.html)) |

## How do the AI and digital offerings of Goldman's competitors compare?

Goldman first, then each competitor. Use-case counts, index scores and latest moves are computed from our profiles of each company; "No profile" means this site has no page on it yet.

| Company | AI or digital offering | On the record (our profiles) | Latest dated AI move |
| --- | --- | --- | --- |
| [Goldman Sachs (this page)](https://www.bankingnewsai.com/banks/goldman-sachs) | GS AI Platform and GS AI Assistant ([American Banker](https://www.americanbanker.com/news/goldman-sachs-staff-now-write-a-million-gen-ai-prompts-a-month), [American Banker](https://www.americanbanker.com/news/goldman-sachs-marco-argenti-is-3-on-the-most-innovative-people-in-finance)) | [Index 79.9 (#22); 13 use cases, 7 in production](https://www.bankingnewsai.com/banks/goldman-sachs) | Q3 2026 call: Solomon sets out AI guardrails and compute-supply risk (Oct 13, 2026) ([Investing.com](https://investing.com/news/transcripts/earnings-call-transcript-goldman-sachs-tops-q3-2026-estimates-as-revenue-rises-93CH-4947164), [American Banker](https://americanbanker.com/news/goldmans-solomon-wants-clear-human-accountability-on-ai)) |
| [JPMorgan Chase](https://www.bankingnewsai.com/banks/jpmorgan-chase) | More than 175 AI use cases in production in the commercial and investment bank (May 2025). ([JPMorganChase](https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/events/2025/jpmc-2025-investor-day/full-transcript.pdf)) | [Index 89 (#6); 15 use cases, 8 in production](https://www.bankingnewsai.com/banks/jpmorgan-chase) | Q3 2026 call: outside AI agents stay blocked; AI spend put near $700 million (Oct 13, 2026) ([CNBC](https://www.cnbc.com/2026/10/13/jpmorgan-ai-agents-account-access.html), [Banking Dive](https://www.bankingdive.com/news/jpmorgan-dimon-ai-agents-bank-customers-liability-transfer/832870), [American Banker](https://www.americanbanker.com/news/jpmorgan-warns-of-risks-to-consumers-who-rely-on-ai-agents)) |
| [Morgan Stanley](https://www.bankingnewsai.com/banks/morgan-stanley) | Design partner, with Evercore, for OpenAI's ChatGPT for Financial Services research tool for bankers (September 2026). ([OpenAI](https://openai.com/index/introducing-chatgpt-financial-services/), [American Banker](https://www.americanbanker.com/news/openai-launches-financial-tool-for-wall-street-bankers)) | [Index 69.7 (#34); 14 use cases, 9 in production](https://www.bankingnewsai.com/banks/morgan-stanley) | OpenAI launches ChatGPT for Financial Services, shaped with Morgan Stanley and Evercore (Sep 10, 2026) ([OpenAI](https://openai.com/index/introducing-chatgpt-financial-services/), [Fortune](https://fortune.com/2026/09/10/openai-courts-wall-street-with-chatgpt-for-financial-services-developed-with-morgan-stanley/)) |
| [Citigroup](https://www.bankingnewsai.com/banks/citigroup) | AI Infrastructure Banking team formed in February 2026 to cover the AI build-out. ([Bloomberg](https://www.bloomberg.com/news/articles/2026-02-25/citigroup-assembles-banking-team-focused-on-ai-infrastructure)) | [Index 94.9 (#2); 20 use cases, 15 in production](https://www.bankingnewsai.com/banks/citigroup) | Payments chief: no AI model to authorise payments (Oct 1, 2026) ([American Banker](https://americanbanker.com/news/2026-the-most-powerful-women-in-banking-women-to-watch-7-debopama-sen-citi)) |
| [Bank of America](https://www.bankingnewsai.com/banks/bank-of-america) | About 4,000 investment bankers using AI (Q2 2026 earnings deck). ([Bank of America (SEC filings)](https://www.sec.gov/Archives/edgar/data/70858/000007085826000353/bac06302026ex992.htm)) | [Index 97.3 (#1); 18 use cases, 16 in production](https://www.bankingnewsai.com/banks/bank-of-america) | Treasury, FinCEN and OCC impose $1.21 billion in AML and sanctions penalties (Oct 13, 2026) ([U.S. Department of the Treasury](https://home.treasury.gov/news/press-releases/sb0657), [Office of the Comptroller of the Currency](https://www.occ.gov/news-issuances/news-releases/2026/nr-occ-2026-89.html), [Banking Dive](https://bankingdive.com/news/bofa-fined-1-21-billion-over-aml-bsa-occ-treasury/832915)) |
| [BNP Paribas](https://www.bankingnewsai.com/banks/bnp-paribas) | LLM@CIB assistant available to more than 65,000 corporate and investment bank employees. ([BNP Paribas](https://group.bnpparibas/en/press-release/bnp-paribas-and-google-cloud-announce-new-partnership-on-agentic-ai-and-cloud-innovation)) | [20 use cases, 12 in production](https://www.bankingnewsai.com/banks/bnp-paribas) | Five-year Google Cloud partnership for agentic AI (Sep 24, 2026) ([BNP Paribas](https://group.bnpparibas/en/press-release/bnp-paribas-and-google-cloud-announce-new-partnership-on-agentic-ai-and-cloud-innovation), [Finextra](https://finextra.com/newsarticle/48475/bnp-paribas-forges-agentic-ai-partnership-with-google-cloud)) |
| Evercore | Not disclosed | No profile | Not disclosed |
| [Barclays](https://www.bankingnewsai.com/banks/barclays) | BARXBot FX quotation chatbot delivering quotes 75% faster; Claude sorting about 120,000 Global Markets emails a day. ([Yahoo Finance (Quartr)](https://finance.yahoo.com/quote/BARC.L/earnings/BARC.L-Q4-2025-earnings_call-391930.html), [Anthropic](https://www.anthropic.com/news/barclays-scales-claude)) | [20 use cases, 13 in production](https://www.bankingnewsai.com/banks/barclays) | Co-COO on model choice and agentic AI (Oct 1, 2026) ([American Banker](https://americanbanker.com/news/2026-the-most-powerful-women-in-banking-women-to-watch-24-anne-marie-darling-barclays)) |
| [UBS](https://www.bankingnewsai.com/banks/ubs) | Advisor agents that send thousands of alerts a day and, once an advisor decides, can place trades and transfers (July 2026). ([Reuters via Investing.com](https://www.investing.com/news/stock-market-news/wall-street-banks-ramp-up-digital-assistants-in-bid-towin-productivity-race-4787686)) | [15 use cases, 11 in production](https://www.bankingnewsai.com/banks/ubs) | Evident index: UBS sixth, the only European bank in the top ten (Oct 6, 2026) ([Euronews via Yahoo Finance](https://finance.yahoo.com/news/ubs-only-european-bank-top-054547722.html)) |
| [JPMorgan Chase (private bank)](https://www.bankingnewsai.com/banks/jpmorgan-chase) | Connect Coach next-best-action tool for private-banking advisors. ([JPMorganChase](https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/events/2025/jpmc-2025-investor-day/full-transcript.pdf)) | [Index 89 (#6); 15 use cases, 8 in production](https://www.bankingnewsai.com/banks/jpmorgan-chase) | Q3 2026 call: outside AI agents stay blocked; AI spend put near $700 million (Oct 13, 2026) ([CNBC](https://www.cnbc.com/2026/10/13/jpmorgan-ai-agents-account-access.html), [Banking Dive](https://www.bankingdive.com/news/jpmorgan-dimon-ai-agents-bank-customers-liability-transfer/832870), [American Banker](https://www.americanbanker.com/news/jpmorgan-warns-of-risks-to-consumers-who-rely-on-ai-agents)) |
| Private credit funds | Not disclosed | No profile | Not disclosed |
| Passive index fund providers | Not disclosed | No profile | Not disclosed |
| [Ally Financial](https://www.bankingnewsai.com/banks/ally) | Ally.ai and the Personas ([Ally Financial](https://media.ally.com/2025-07-23-Ally-Financial-rolls-out-proprietary-AI-platform-enterprise-wide), [American Banker](https://americanbanker.com/news/how-sathish-muthukrishnan-keeps-allys-data-safe-from-gen-ai), [American Banker](https://americanbanker.com/news/allys-personas-is-on-of-the-innovation-of-the-year-honorees)) | [Index 76.5 (#27); 13 use cases, 9 in production](https://www.bankingnewsai.com/banks/ally) | CRO: AI should be 'an accelerant', not just something to control (Oct 1, 2026) ([American Banker](https://www.americanbanker.com/news/2026-the-most-powerful-women-in-banking-women-to-watch-9-stephanie-richard-ally-financial)) |
| [American Express](https://www.bankingnewsai.com/banks/american-express) | Agentic Commerce Experiences (ACE) and Amex Agent Purchase Protection ([American Express](https://www.americanexpress.com/en-us/newsroom/articles/innovation/american-express-debuts-agentic-commerce-experiences--ace--devel.html), [American Express via FT Markets](https://markets-data-api-proxy.ft.com/data/announce/full?dockey=600-202604160915BIZWIRE_USPRX____20260415_BW433431-1), [American Banker](https://www.americanbanker.com/payments/news/amex-introduces-agentic-commerce-developers-kit)) | [Index 93.1 (#3); 24 use cases, 13 in production](https://www.bankingnewsai.com/banks/american-express) | Intent Intelligence framework published (Oct 13, 2026) ([American Express via FT Markets](https://markets.ft.com/data/announce/detail?dockey=600-202610130930BIZWIRE_USPRX____20261013_BW636634-1), [TechCrunch](https://techcrunch.com/2026/10/13/amex-introduces-a-framework-to-prevent-ai-agents-from-making-unauthorized-purchases)) |
| [Capital One](https://www.bankingnewsai.com/banks/capital-one) | Chat Concierge and the in-house agent stack ([Capital One](https://www.capitalone.com/tech/ai/future-of-ai-car-dealerships-shopping), [Capital One](https://www.capitalone.com/tech/ai/applied-ai-research), [American Banker](https://www.americanbanker.com/news/goldman-sachs-capital-one-prep-for-self-driving-ai-agents)) | [Index 86.9 (#9); 13 use cases, 13 in production](https://www.bankingnewsai.com/banks/capital-one) | Second on the Evident AI index for a fourth year (Oct 6, 2026) ([American Banker](https://www.americanbanker.com/news/jpmorganchase-still-tops-ai-ranking-as-big-bank-lead-widens), [Banking Dive](https://www.bankingdive.com/news/banks-ai-guardrails-accelerate/832216/)) |
| [Synchrony](https://www.bankingnewsai.com/banks/synchrony) | Synchrony GPT and the ChatGPT Enterprise rollout ([Synchrony](https://synchrony.com/contenthub/newsroom/synchrony-elevates-ai-strategy.html), [Synchrony (PR Newswire)](https://investors.synchrony.com/news-events/financial-news/detail/586/synchrony-announces-enterprise-collaboration-with-openai-to-power-the-next-era-of-agentic-commerce), [American Banker](https://americanbanker.com/news/synchronys-carol-juel-is-29-on-the-most-innovative-people-in-finance-ranking)) | [Index 68.8 (#35); 15 use cases, 10 in production](https://www.bankingnewsai.com/banks/synchrony) | Oxford Economics study and an AI-platform partnership for CareCredit (Sep 30, 2026) ([Synchrony (PR Newswire)](https://www.prnewswire.com/news-releases/synchrony-and-oxford-economics-find-trust-will-define-the-future-of-ai-shopping-302894036.html), [Synchrony (PR Newswire)](https://investors.synchrony.com/news-events/financial-news/detail/590/carecredit-partners-with-vetspire-to-modernize-veterinary-payments-with-ai-enabled-practice-solutions)) |

## Who should look beyond Goldman, and where?

| If you are | Look at | Why |
| --- | --- | --- |
| Apple Card holders | [Chase, the card's new issuer](https://www.bankingnewsai.com/banks/jpmorgan-chase) | Goldman agreed in December 2025 to transition the Apple Card program to another issuer over about 24 months, and JPMorgan Chase announced in January 2026 that it would become the issuer; CNBC reports the card stays on Mastercard's network with its existing perks. ([Goldman Sachs (SEC filing)](https://www.sec.gov/Archives/edgar/data/886982/000088698226000091/gs-20251231.htm), [CNBC](https://www.cnbc.com/2026/01/07/jpmorgan-apple-credit-card.html)) |
| Companies that want M&A advice from a firm that does not also lend or trade | Independent advisory firms such as Evercore | Goldman's own 10-K says some clients perceive independent advisory firms as less susceptible to potential conflicts of interest; Evercore earned $1.7 billion of M&A fees in 2025, fifth globally. ([Goldman Sachs (SEC filing)](https://www.sec.gov/Archives/edgar/data/886982/000088698226000091/gs-20251231.htm), [Reuters](https://www.reuters.com/legal/transactional/goldman-sachs-tops-global-ma-rankings-with-148-trillion-deals-2026-01-06/)) |
| Investors who want to buy or hold cryptocurrencies and stablecoins | [Crypto platforms such as Coinbase or Robinhood](https://www.bankingnewsai.com/fintech/coinbase) | Goldman's 10-K says competitors may offer 'cryptocurrencies, stablecoins and other digital assets that we cannot or may choose not to provide'; Coinbase and Robinhood describe crypto trading and listing on their platforms in their 2025 10-Ks. ([Goldman Sachs (SEC filing)](https://www.sec.gov/Archives/edgar/data/886982/000088698226000091/gs-20251231.htm), [Coinbase via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1679788/000167978826000015/coin-20251231.htm), [U.S. Securities and Exchange Commission (EDGAR)](https://www.sec.gov/Archives/edgar/data/1783879/000178387926000023/hood-20251231.htm)) |
| Investors who want low-fee index exposure rather than active management | Passive index fund providers | Goldman's 10-K says passive strategies typically have lower fees than other strategies it offers and have changed the competitive and pricing dynamics of its asset management products. ([Goldman Sachs (SEC filing)](https://www.sec.gov/Archives/edgar/data/886982/000088698226000091/gs-20251231.htm)) |
| Savers who want branches and checking next to an online savings account | [A branch bank such as JPMorgan Chase](https://www.bankingnewsai.com/banks/jpmorgan-chase) | Goldman raises consumer deposits through Marcus, an online platform that Synchrony's 10-K groups with direct banks such as Ally and Capital One; JPMorgan Chase's 10-K counts 5,083 branches in 48 states and Washington, D.C. ([Goldman Sachs (SEC filing)](https://www.sec.gov/Archives/edgar/data/886982/000088698226000091/gs-20251231.htm), [Synchrony Financial (SEC filing)](https://www.sec.gov/Archives/edgar/data/1601712/000160171226000006/syf-20251231.htm), [JPMorgan Chase & Co. (SEC filings)](https://www.sec.gov/Archives/edgar/data/19617/000162828026008131/jpm-20251231.htm)) |

## How does Goldman Sachs rank against JPMorgan, Morgan Stanley and European banks in investment banking?

LSEG data as reported by Reuters: global M&A for calendar 2025 (January 6, 2026) and EMEA investment banking fee share for 2025 to late December (December 22, 2025).

| Bank | Global M&A fees, 2025 | Global M&A rank by deal value | EMEA fee rank |
| --- | --- | --- | --- |
| Goldman Sachs | $4.6 billion (first) | First ($1.48 trillion advised) | First (6.8% share) ([Reuters](https://www.reuters.com/legal/transactional/goldman-sachs-tops-global-ma-rankings-with-148-trillion-deals-2026-01-06/), [Reuters](https://www.reuters.com/legal/transactional/european-investment-banks-fail-capitalise-trump-tariff-turmoil-2025-12-22/)) |
| JPMorgan Chase | $3.1 billion | Second | Second ([Reuters](https://www.reuters.com/legal/transactional/goldman-sachs-tops-global-ma-rankings-with-148-trillion-deals-2026-01-06/), [Reuters](https://www.reuters.com/legal/transactional/european-investment-banks-fail-capitalise-trump-tariff-turmoil-2025-12-22/)) |
| Morgan Stanley | $3.0 billion | Third | Fifth ([Reuters](https://www.reuters.com/legal/transactional/goldman-sachs-tops-global-ma-rankings-with-148-trillion-deals-2026-01-06/), [Reuters](https://www.reuters.com/legal/transactional/european-investment-banks-fail-capitalise-trump-tariff-turmoil-2025-12-22/)) |
| Bank of America | Not given | Fourth | Not given ([Reuters](https://www.reuters.com/legal/transactional/goldman-sachs-tops-global-ma-rankings-with-148-trillion-deals-2026-01-06/)) |
| Citigroup | $2.0 billion | Fifth | Fourth ([Reuters](https://www.reuters.com/legal/transactional/goldman-sachs-tops-global-ma-rankings-with-148-trillion-deals-2026-01-06/), [Reuters](https://www.reuters.com/legal/transactional/european-investment-banks-fail-capitalise-trump-tariff-turmoil-2025-12-22/)) |
| BNP Paribas | Not given | Not given | Third ([Reuters](https://www.reuters.com/legal/transactional/european-investment-banks-fail-capitalise-trump-tariff-turmoil-2025-12-22/)) |
| Evercore | $1.7 billion | Not given | Not given ([Reuters](https://www.reuters.com/legal/transactional/goldman-sachs-tops-global-ma-rankings-with-148-trillion-deals-2026-01-06/)) |

## How did Goldman's equities business compare with its rivals' at the end of 2025?

Fourth-quarter 2025 results as reported by Reuters on January 14 and 15, 2026.

| Bank | Equities result, Q4 2025 | Prime brokerage note |
| --- | --- | --- |
| Goldman Sachs | Record $4.31 billion, up from $3.45 billion | Significantly higher prime and portfolio financing revenues ([Reuters](https://www.reuters.com/business/finance/goldman-sachs-profit-rises-dealmaking-trading-strength-2026-01-15/), [Reuters](https://www.reuters.com/business/finance/strong-year-hedge-funds-drives-big-gains-wall-streets-prime-brokerage-engine-2026-01-14/)) |
| Morgan Stanley | Record equity net revenues | Higher client balances in prime brokerage ([Reuters](https://www.reuters.com/business/finance/strong-year-hedge-funds-drives-big-gains-wall-streets-prime-brokerage-engine-2026-01-14/)) |
| JPMorgan Chase | $2.9 billion, up 40% | Prime lending a key driver ([Reuters](https://www.reuters.com/business/finance/strong-year-hedge-funds-drives-big-gains-wall-streets-prime-brokerage-engine-2026-01-14/)) |
| Bank of America | Up 23% | Equities business houses its prime brokerage unit ([Reuters](https://www.reuters.com/business/finance/strong-year-hedge-funds-drives-big-gains-wall-streets-prime-brokerage-engine-2026-01-14/)) |
| Citigroup | $1.1 billion | Prime balances up more than 50% ([Reuters](https://www.reuters.com/business/finance/strong-year-hedge-funds-drives-big-gains-wall-streets-prime-brokerage-engine-2026-01-14/)) |

## Common questions

### Who are Goldman Sachs' biggest competitors?

In investment banking, JPMorgan Chase, Morgan Stanley, Bank of America and Citigroup globally, BNP Paribas in Europe, and independent advisers such as Evercore; in markets, Morgan Stanley, JPMorgan, Bank of America, Citi and Barclays; in asset and wealth management, Morgan Stanley, UBS, JPMorgan's private bank and private credit funds; in consumer deposits, direct banks such as Ally, American Express, Capital One and Synchrony. ([Reuters](https://www.reuters.com/legal/transactional/goldman-sachs-tops-global-ma-rankings-with-148-trillion-deals-2026-01-06/), [Reuters](https://www.reuters.com/legal/transactional/european-investment-banks-fail-capitalise-trump-tariff-turmoil-2025-12-22/), [Reuters](https://www.reuters.com/business/finance/strong-year-hedge-funds-drives-big-gains-wall-streets-prime-brokerage-engine-2026-01-14/), [Goldman Sachs (SEC filing)](https://www.sec.gov/Archives/edgar/data/886982/000088698226000091/gs-20251231.htm), [Synchrony Financial (SEC filing)](https://www.sec.gov/Archives/edgar/data/1601712/000160171226000006/syf-20251231.htm))

### Goldman Sachs vs JPMorgan: who is bigger in investment banking?

It depends on the measure. LSEG data for 2025 put Goldman first in M&A, with $4.6 billion of fees and $1.48 trillion of deals advised, ahead of JPMorgan's $3.1 billion. JPMorgan earned more total investment banking fees once equity and debt underwriting are included, $10.1 billion to Goldman's $8.9 billion, and its 10-K ranks it first in global investment banking fees by Dealogic. ([Reuters](https://www.reuters.com/legal/transactional/goldman-sachs-tops-global-ma-rankings-with-148-trillion-deals-2026-01-06/), [JPMorgan Chase & Co. (SEC filings)](https://www.sec.gov/Archives/edgar/data/19617/000162828026008131/jpm-20251231.htm))

### Goldman Sachs vs Morgan Stanley: how do they compete?

Head to head in M&A, where Morgan Stanley ranked third in 2025 with $3 billion of fees, and in equities, where both reported record results in the fourth quarter of 2025 on prime brokerage. In wealth Morgan Stanley is much larger, with $7.35 trillion of wealth client assets against Goldman's $3.61 trillion of assets under supervision. On AI, Morgan Stanley partners with OpenAI and Goldman embedded Anthropic engineers. ([Reuters](https://www.reuters.com/legal/transactional/goldman-sachs-tops-global-ma-rankings-with-148-trillion-deals-2026-01-06/), [Reuters](https://www.reuters.com/business/finance/strong-year-hedge-funds-drives-big-gains-wall-streets-prime-brokerage-engine-2026-01-14/), [Reuters](https://www.reuters.com/business/finance/goldman-sachs-profit-rises-dealmaking-trading-strength-2026-01-15/), [CNBC](https://www.cnbc.com/2026/06/03/ai-agents-morgan-stanley-wealth-management-funnel.html), [Morgan Stanley](https://www.morganstanley.com/press-releases/ai-at-morgan-stanley-debrief-launch), [CNBC](https://www.cnbc.com/2026/02/06/anthropic-goldman-sachs-ai-model-accounting.html))

### Does Goldman Sachs compete with private credit firms?

Yes. Its 2025 10-K names private credit funds and private equity funds among its competitors, and corporate clients seek capital commitments from banks in connection with investment banking assignments. Goldman also invests alongside private capital: it is one of six firms, with Apollo, BlackRock, Blackstone, Brookfield and KKR, signing NVIDIA's AI compute-financing platform agreements in August 2026. ([Goldman Sachs (SEC filing)](https://www.sec.gov/Archives/edgar/data/886982/000088698226000091/gs-20251231.htm), [NVIDIA (GlobeNewswire)](https://www.globenewswire.com/news-release/2026/08/10/3342187/0/en/nvidia-partners-with-apollo-blackrock-blackstone-brookfield-goldman-sachs-and-kkr-to-establish-ai-compute-infrastructure-financing-platforms-to-mobilize-over-500-billion-of-third-p.html))

### Is Goldman Sachs leaving consumer banking?

Largely. Its 10-K says it has narrowed its focus on consumer activities since 2023, sold the General Motors card program in 2025 and agreed in December 2025 to transition the Apple Card to another issuer over about 24 months; JPMorgan Chase is taking over the card and more than $20 billion of loans. Goldman still raises consumer deposits through Marcus, which Synchrony's 10-K lists among direct-bank competitors. ([Goldman Sachs (SEC filing)](https://www.sec.gov/Archives/edgar/data/886982/000088698226000091/gs-20251231.htm), [CNBC](https://www.cnbc.com/2026/01/07/jpmorgan-apple-credit-card.html), [Synchrony Financial (SEC filing)](https://www.sec.gov/Archives/edgar/data/1601712/000160171226000006/syf-20251231.htm))

### Who competes with Goldman Sachs in Europe?

Wall Street banks, mostly. Goldman led EMEA investment banking in 2025 with a 6.8% share of fees, followed by JPMorgan and BNP Paribas, with Citi fourth and Morgan Stanley fifth, according to LSEG data reported by Reuters. US banks held 37% of EMEA fees; BNP Paribas and Deutsche Bank gained a little share while Barclays and HSBC lost ground. ([Reuters](https://www.reuters.com/legal/transactional/european-investment-banks-fail-capitalise-trump-tariff-turmoil-2025-12-22/))

### How does Goldman's AI compare with its investment-banking rivals' AI?

Goldman co-built agents for client vetting and onboarding with embedded Anthropic engineers from February 2026 and says AI can draft 95% of an IPO filing in minutes. JPMorgan counted more than 175 AI use cases in production in its commercial and investment bank in May 2025; Morgan Stanley and Evercore were design partners for OpenAI's banker research tool in September 2026; about 4,000 Bank of America investment bankers use AI. ([CNBC](https://www.cnbc.com/2026/02/06/anthropic-goldman-sachs-ai-model-accounting.html), [Fortune](https://fortune.com/2025/01/17/goldman-sachs-ceo-david-solomon-ai-tasks-ipo-prospectus-s1-filing-sec), [JPMorganChase](https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/events/2025/jpmc-2025-investor-day/full-transcript.pdf), [OpenAI](https://openai.com/index/introducing-chatgpt-financial-services/), [Bank of America (SEC filings)](https://www.sec.gov/Archives/edgar/data/70858/000007085826000353/bac06302026ex992.htm))

### Does Goldman Sachs compete with Barclays and Deutsche Bank?

Yes, mainly in Europe and in markets. Reuters reports US banks have taken investment banking share from European lenders including Deutsche Bank and Barclays since 2008, reaching 37% of EMEA fees in 2025, with Goldman first at 6.8%. Barclays runs BARXBot for FX quotes and a Claude assistant for Global Markets email; Deutsche Bank is a design partner for Google's Gemini Enterprise for Financial Services. ([Reuters](https://www.reuters.com/legal/transactional/european-investment-banks-fail-capitalise-trump-tariff-turmoil-2025-12-22/), [Yahoo Finance (Quartr)](https://finance.yahoo.com/quote/BARC.L/earnings/BARC.L-Q4-2025-earnings_call-391930.html), [Anthropic](https://www.anthropic.com/news/barclays-scales-claude), [Google Cloud](https://cloud.google.com/blog/products/ai-machine-learning/introducing-gemini-enterprise-for-financial-services))

### Do crypto platforms compete with Goldman Sachs?

Goldman's 10-K says competitors may offer products clients prefer, 'including cryptocurrencies, stablecoins and other digital assets that we cannot or may choose not to provide', and lists financial technology and internet-based companies among its rivals. Coinbase and Robinhood both list cryptocurrencies for trading on their platforms, per their 2025 10-Ks. ([Goldman Sachs (SEC filing)](https://www.sec.gov/Archives/edgar/data/886982/000088698226000091/gs-20251231.htm), [Coinbase via SEC EDGAR](https://www.sec.gov/Archives/edgar/data/1679788/000167978826000015/coin-20251231.htm), [U.S. Securities and Exchange Commission (EDGAR)](https://www.sec.gov/Archives/edgar/data/1783879/000178387926000023/hood-20251231.htm))

## Peers on this site

- [Morgan Stanley AI strategy](https://www.bankingnewsai.com/banks/morgan-stanley) · [vs peers](https://www.bankingnewsai.com/banks/morgan-stanley/vs-peers)
- [JPMorgan Chase AI strategy](https://www.bankingnewsai.com/banks/jpmorgan-chase) · [vs peers](https://www.bankingnewsai.com/banks/jpmorgan-chase/vs-peers)
- [Bank of America AI strategy](https://www.bankingnewsai.com/banks/bank-of-america) · [vs peers](https://www.bankingnewsai.com/banks/bank-of-america/vs-peers)
- [Citigroup AI strategy](https://www.bankingnewsai.com/banks/citigroup) · [vs peers](https://www.bankingnewsai.com/banks/citigroup/vs-peers)
- [UBS Group AG AI strategy](https://www.bankingnewsai.com/banks/ubs) · [vs peers](https://www.bankingnewsai.com/banks/ubs/vs-peers)
- [Barclays PLC AI strategy](https://www.bankingnewsai.com/banks/barclays) · [vs peers](https://www.bankingnewsai.com/banks/barclays/vs-peers)
- [Deutsche Bank AI strategy](https://www.bankingnewsai.com/banks/deutsche-bank) · [vs peers](https://www.bankingnewsai.com/banks/deutsche-bank/vs-peers)
- [BNP Paribas SA AI strategy](https://www.bankingnewsai.com/banks/bnp-paribas) · [vs peers](https://www.bankingnewsai.com/banks/bnp-paribas/vs-peers)

## Sources

1. The Goldman Sachs Group, Inc. Annual Report on Form 10-K for 2025 — Goldman Sachs (SEC filing), Feb 25, 2026. https://www.sec.gov/Archives/edgar/data/886982/000088698226000091/gs-20251231.htm
2. Goldman Sachs tops global M&A rankings with $1.48 trillion in deals — Reuters, Jan 6, 2026. https://www.reuters.com/legal/transactional/goldman-sachs-tops-global-ma-rankings-with-148-trillion-deals-2026-01-06/
3. European investment banks fail to capitalise on Trump Tariff turmoil — Reuters, Dec 22, 2025. https://www.reuters.com/legal/transactional/european-investment-banks-fail-capitalise-trump-tariff-turmoil-2025-12-22/
4. Goldman's profit beats on record stock trading, sees robust M&A activity in 2026 — Reuters, Jan 15, 2026. https://www.reuters.com/business/finance/goldman-sachs-profit-rises-dealmaking-trading-strength-2026-01-15/
5. Strong year for hedge funds drives big gains for Wall Street's prime brokerage engine — Reuters, Jan 14, 2026. https://www.reuters.com/business/finance/strong-year-hedge-funds-drives-big-gains-wall-streets-prime-brokerage-engine-2026-01-14/
6. JPMorgan Chase reaches deal to become Apple Card issuer as Goldman closes chapter on consumer foray — CNBC, Jan 7, 2026. https://www.cnbc.com/2026/01/07/jpmorgan-apple-credit-card.html
7. Form 10-K for the fiscal year ended December 31, 2025 — Synchrony Financial (SEC filing), Feb 6, 2026. https://www.sec.gov/Archives/edgar/data/1601712/000160171226000006/syf-20251231.htm
8. Introducing ChatGPT for Financial Services — OpenAI, Sep 10, 2026. https://openai.com/index/introducing-chatgpt-financial-services/
9. Morgan Stanley will soon open its trillion-dollar wealth management funnel to AI agents — CNBC, Jun 3, 2026. https://www.cnbc.com/2026/06/03/ai-agents-morgan-stanley-wealth-management-funnel.html
10. Morgan Stanley Annual Report on Form 10-K for 2025 — Morgan Stanley (SEC filing), Feb 19, 2026. https://www.sec.gov/Archives/edgar/data/895421/000089542126000086/ms-20251231.htm
11. UBS reports 2Q26 net profit of USD 2.8bn and USD 5.8bn for 1H26 with robust momentum across businesses; Group invested assets at USD 7.3trn — UBS Group AG and UBS AG (Business Wire), Jul 29, 2026. https://businesswire.com/news/home/20260728010217/en/UBS-AG-UK-Regulatory-Announcement-UBS-reports-2Q26-net-profit-of-USD-2.8bn-and-USD-5.8bn-for-1H26-with-robust-momentum-across-businesses-Group-invested-assets-at-USD-7.3trn-Ad-hoc-announcement-pursuant-to-Article-53-of-the-SIX-Exchange-Regulation-Listing-Rules
12. UBS first-quarter 2026 earnings call prepared remarks and Q&A (Form 6-K) — UBS Group AG (SEC filing), Apr 30, 2026. https://www.sec.gov/Archives/edgar/data/1610520/000161052026000053/investorpresotext2026.htm
13. Citi turns up the heat on wealth bankers as it races to close the gap with rivals — InvestmentNews, Apr 7, 2026. https://www.investmentnews.com/wirehouses/citi-turns-up-the-heat-on-wealth-bankers-as-it-races-to-close-the-gap-with-rivals/266043
14. Financial Services Roundup: Market Talk (Solomon shareholder letter) — The Wall Street Journal, Mar 20, 2026. https://www.wsj.com/finance/banking/financial-services-roundup-market-talk-eade6365
15. Ally Financial Inc. Annual Report on Form 10-K for the fiscal year ended December 31, 2025 — Ally Financial (SEC filings), Feb 25, 2026. https://www.sec.gov/Archives/edgar/data/40729/000004072926000005/ally-20251231.htm
16. Capital One Financial Corporation Annual Report on Form 10-K for 2025 — Capital One via SEC EDGAR, Feb 19, 2026. https://www.sec.gov/Archives/edgar/data/927628/000092762826000024/cof-20251231.htm
17. Goldman Sachs staff now write a million gen AI prompts a month — American Banker, Jul 25, 2025. https://www.americanbanker.com/news/goldman-sachs-staff-now-write-a-million-gen-ai-prompts-a-month
18. Marco Argenti gives Goldman Sachs coders an AI helper — American Banker, Jun 1, 2026. https://www.americanbanker.com/news/goldman-sachs-marco-argenti-is-3-on-the-most-innovative-people-in-finance
19. Earnings call transcript: Goldman Sachs tops Q3 2026 estimates as revenue rises — Investing.com, Oct 13, 2026. https://investing.com/news/transcripts/earnings-call-transcript-goldman-sachs-tops-q3-2026-estimates-as-revenue-rises-93CH-4947164
20. Goldman's Solomon wants 'clear human accountability' on AI — American Banker, Oct 13, 2026. https://americanbanker.com/news/goldmans-solomon-wants-clear-human-accountability-on-ai
21. 2025 Investor Day Transcript - Full Transcript — JPMorganChase, May 19, 2025. https://www.jpmorganchase.com/content/dam/jpmc/jpmorgan-chase-and-co/investor-relations/documents/events/2025/jpmc-2025-investor-day/full-transcript.pdf
22. JPMorgan Chase blocks outside AI agents like Muse, Instinct from directly accessing accounts — CNBC, Oct 13, 2026. https://www.cnbc.com/2026/10/13/jpmorgan-ai-agents-account-access.html
23. JPMorgan CEO Dimon warns customers of 'liability transfer' with AI — Banking Dive, Oct 13, 2026. https://www.bankingdive.com/news/jpmorgan-dimon-ai-agents-bank-customers-liability-transfer/832870
24. JPMorgan warns of risks to consumers who rely on AI agents — American Banker, Oct 13, 2026. https://www.americanbanker.com/news/jpmorgan-warns-of-risks-to-consumers-who-rely-on-ai-agents
25. OpenAI launches financial tool for Wall Street bankers — American Banker, Sep 10, 2026. https://www.americanbanker.com/news/openai-launches-financial-tool-for-wall-street-bankers
26. OpenAI courts Wall Street with ChatGPT for financial services, developed with Morgan Stanley — Fortune, Sep 10, 2026. https://fortune.com/2026/09/10/openai-courts-wall-street-with-chatgpt-for-financial-services-developed-with-morgan-stanley/
27. Citigroup Assembles Banking Team Focused on AI Infrastructure — Bloomberg, Feb 25, 2026. https://www.bloomberg.com/news/articles/2026-02-25/citigroup-assembles-banking-team-focused-on-ai-infrastructure
28. The Most Powerful Women in Banking Women to Watch, #7, Debopama Sen, Citi — American Banker, Oct 1, 2026. https://americanbanker.com/news/2026-the-most-powerful-women-in-banking-women-to-watch-7-debopama-sen-citi
29. Second Quarter 2026 Financial Results presentation (Form 8-K, Exhibit 99.2) — Bank of America (SEC filings), Jul 14, 2026. https://www.sec.gov/Archives/edgar/data/70858/000007085826000353/bac06302026ex992.htm
30. U.S. Treasury Announces Record Enforcement Actions Against Bank of America — U.S. Department of the Treasury, Oct 13, 2026. https://home.treasury.gov/news/press-releases/sb0657
31. OCC Imposes $750 Million Assessment Against Bank of America for Deficient BSA/AML Compliance — Office of the Comptroller of the Currency, Oct 13, 2026. https://www.occ.gov/news-issuances/news-releases/2026/nr-occ-2026-89.html
32. BofA fined $1.21 billion over AML — Banking Dive, Oct 13, 2026. https://bankingdive.com/news/bofa-fined-1-21-billion-over-aml-bsa-occ-treasury/832915
33. BNP Paribas and Google Cloud Announce New Partnership on Agentic AI and Cloud Innovation — BNP Paribas, Sep 24, 2026. https://group.bnpparibas/en/press-release/bnp-paribas-and-google-cloud-announce-new-partnership-on-agentic-ai-and-cloud-innovation
34. BNP Paribas forges agentic AI partnership with Google Cloud — Finextra, Sep 25, 2026. https://finextra.com/newsarticle/48475/bnp-paribas-forges-agentic-ai-partnership-with-google-cloud
35. BARCLAYS PLC ORD 25P (BARC.L) Q4 FY2025 earnings call transcript — Yahoo Finance (Quartr), Feb 10, 2026. https://finance.yahoo.com/quote/BARC.L/earnings/BARC.L-Q4-2025-earnings_call-391930.html
36. Barclays scales Claude to upgrade operations and improve client experience — Anthropic, Oct 1, 2026. https://www.anthropic.com/news/barclays-scales-claude
37. The Most Powerful Women in Banking Women to Watch, #24, Anne Marie Darling, Barclays — American Banker, Oct 1, 2026. https://americanbanker.com/news/2026-the-most-powerful-women-in-banking-women-to-watch-24-anne-marie-darling-barclays
38. Wall Street banks ramp up digital assistants in bid to win productivity race — Reuters via Investing.com, Jul 13, 2026. https://www.investing.com/news/stock-market-news/wall-street-banks-ramp-up-digital-assistants-in-bid-towin-productivity-race-4787686
39. UBS only European bank in top 10 of AI adoption as JPMorgan Chase leads — Euronews via Yahoo Finance, Oct 7, 2026. https://finance.yahoo.com/news/ubs-only-european-bank-top-054547722.html
40. Ally Financial rolls out proprietary AI platform enterprise-wide — Ally Financial, Jul 23, 2025. https://media.ally.com/2025-07-23-Ally-Financial-rolls-out-proprietary-AI-platform-enterprise-wide
41. How Sathish Muthukrishnan keeps Ally's data safe from gen AI — American Banker, Jul 31, 2025. https://americanbanker.com/news/how-sathish-muthukrishnan-keeps-allys-data-safe-from-gen-ai
42. Ally developed AI personas to mirror customer behavior — American Banker, Jun 1, 2026. https://americanbanker.com/news/allys-personas-is-on-of-the-innovation-of-the-year-honorees
43. The Most Powerful Women in Banking Women to Watch, #9, Stephanie Richard, Ally Financial — American Banker, Oct 1, 2026. https://www.americanbanker.com/news/2026-the-most-powerful-women-in-banking-women-to-watch-9-stephanie-richard-ally-financial
44. American Express Debuts Agentic Commerce Experiences (ACE)™ Developer Kit and Announces Industry-First Protection for Registered Agent Purchases — American Express, Apr 14, 2026. https://www.americanexpress.com/en-us/newsroom/articles/innovation/american-express-debuts-agentic-commerce-experiences--ace--devel.html
45. American Express to Acquire Hyper, Adding to Its AI Expertise and Expense Management Capabilities — American Express via FT Markets, Apr 16, 2026. https://markets-data-api-proxy.ft.com/data/announce/full?dockey=600-202604160915BIZWIRE_USPRX____20260415_BW433431-1
46. Amex tries to 'grease the skids' for agentic commerce — American Banker, Apr 14, 2026. https://www.americanbanker.com/payments/news/amex-introduces-agentic-commerce-developers-kit
47. American Express Publishes Intent Intelligence Framework for Trusted Agentic Commerce — American Express via FT Markets, Oct 13, 2026. https://markets.ft.com/data/announce/detail?dockey=600-202610130930BIZWIRE_USPRX____20261013_BW636634-1
48. Amex introduces a framework to prevent AI agents from making unauthorized purchases — TechCrunch, Oct 13, 2026. https://techcrunch.com/2026/10/13/amex-introduces-a-framework-to-prevent-ai-agents-from-making-unauthorized-purchases
49. AI for Car Dealerships: Smarter Car Shopping — Capital One, Mar 5, 2025. https://www.capitalone.com/tech/ai/future-of-ai-car-dealerships-shopping
50. Capital One's Applied AI research — Capital One, Nov 20, 2025. https://www.capitalone.com/tech/ai/applied-ai-research
51. Goldman Sachs, Capital One prep for self-driving AI agents — American Banker, Feb 20, 2025. https://www.americanbanker.com/news/goldman-sachs-capital-one-prep-for-self-driving-ai-agents
52. JPMorganChase still tops AI ranking as big-bank lead widens — American Banker, Oct 6, 2026. https://www.americanbanker.com/news/jpmorganchase-still-tops-ai-ranking-as-big-bank-lead-widens
53. Banks prioritize responsible AI, governance as use soars — Banking Dive, Oct 6, 2026. https://www.bankingdive.com/news/banks-ai-guardrails-accelerate/832216/
54. Synchrony Elevates AI Strategy Hiring Nimrod Barak as Chief AI Officer to Accelerate Innovation — Synchrony, Aug 13, 2026. https://synchrony.com/contenthub/newsroom/synchrony-elevates-ai-strategy.html
55. Synchrony Announces Enterprise Collaboration with OpenAI to Power the Next Era of Agentic Commerce — Synchrony (PR Newswire), Aug 17, 2026. https://investors.synchrony.com/news-events/financial-news/detail/586/synchrony-announces-enterprise-collaboration-with-openai-to-power-the-next-era-of-agentic-commerce
56. #29 Carol Juel's human-centered bet on the future of AI — American Banker, Jun 1, 2026. https://americanbanker.com/news/synchronys-carol-juel-is-29-on-the-most-innovative-people-in-finance-ranking
57. Synchrony and Oxford Economics Find Trust Will Define the Future of AI Shopping — Synchrony (PR Newswire), Sep 30, 2026. https://www.prnewswire.com/news-releases/synchrony-and-oxford-economics-find-trust-will-define-the-future-of-ai-shopping-302894036.html
58. CareCredit Partners with Vetspire to Modernize Veterinary Payments with AI-Enabled Practice Solutions — Synchrony (PR Newswire), Sep 30, 2026. https://investors.synchrony.com/news-events/financial-news/detail/590/carecredit-partners-with-vetspire-to-modernize-veterinary-payments-with-ai-enabled-practice-solutions
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62. Launch of AI @ Morgan Stanley Debrief — Morgan Stanley, Jun 26, 2024. https://www.morganstanley.com/press-releases/ai-at-morgan-stanley-debrief-launch
63. Goldman Sachs taps Anthropic's Claude to automate accounting, compliance roles — CNBC, Feb 6, 2026. https://www.cnbc.com/2026/02/06/anthropic-goldman-sachs-ai-model-accounting.html
64. NVIDIA Partners With Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to Establish AI Compute Infrastructure Financing Platforms — NVIDIA (GlobeNewswire), Aug 10, 2026. https://www.globenewswire.com/news-release/2026/08/10/3342187/0/en/nvidia-partners-with-apollo-blackrock-blackstone-brookfield-goldman-sachs-and-kkr-to-establish-ai-compute-infrastructure-financing-platforms-to-mobilize-over-500-billion-of-third-p.html
65. Goldman Sachs CEO says that AI can draft 95% of an IPO prospectus in minutes — Fortune, Jan 17, 2025. https://fortune.com/2025/01/17/goldman-sachs-ceo-david-solomon-ai-tasks-ipo-prospectus-s1-filing-sec
66. Now introducing Gemini Enterprise for Financial Services — Google Cloud, Aug 25, 2026. https://cloud.google.com/blog/products/ai-machine-learning/introducing-gemini-enterprise-for-financial-services

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