Goldman Sachs CEO Solomon flags $500M jump in non-compensation expenses for Q3

Goldman Sachs CEO David Solomon told investors on September 16 that the bank’s non-compensation expenses are on track to come in more than $500 million higher this quarter compared to Q2, a figure large enough to make even Wall Street’s most seasoned analysts reach for their spreadsheets. Speaking at the Barclays Global Financial Services Conference, Solomon offered a split-screen view of the firm’s current state: the equity business continues to hum along nicely, while FICC, the fixed income, currencies, and commodities division, is running softer. For a bank that just posted one of its strongest quarters in recent memory, the cost guidance introduces a new wrinkle heading into the Q3 earnings release expected around mid-October. A blockbuster Q2 sets the stage Goldman’s Q2 2026 results were, by most measures, exceptional. The firm reported net revenues of $20.34 billion and net earnings of $6.63 billion. Global Banking & Markets, the division that houses both equities and FICC, pulled in $15.52 billion in revenue. The equities business alone generated $7.42 billion, a staggering 72% increase year-over-year. Operating expenses in Q2 already climbed 26% year-over-year to $11.67...