Reuters · October 14, 2026

Fixed Income Trading Revenue Falls at Morgan Stanley, JPMorgan and Bank of America in the Quarter; Bank of America Unrealized Bond Losses Reach $109 Billion

• Fixed income, currencies and commodities (FICC) trading revenue fell 7% at Morgan Stanley, 4% at JPMorgan and 17% at Bank of America in the quarter from a year earlier, was flat at Goldman Sachs, and rose 4% at Citi, according to the report.
• Equity trading revenue rose 72% at Goldman Sachs, 41% at Morgan Stanley, 49% at JPMorgan, 11% at Bank of America and 14% at Citi, according to the report.
• Bank of America showed unrealized losses on its bond portfolio of $109 billion in the quarter ended September, up from $85 billion at the end of June, according to the report.
• Benchmark 10-year yields showed their biggest quarterly rise since 2009 at the end of September, according to the report.
• Morgan Stanley Chief Financial Officer Sharon Yeshaya and Bank of America Chief Financial Officer Alastair Borthwick both cited interest rate moves and reduced client activity in statements documented in the report.

Trading revenue, loss and yield figures and executive statements via the banks’ reported results, cited in the original report. This card is based on the accessible portion only. Original headline: "Bond trading weakens for US banks as interest rate volatility affects investors".