Shares of The Goldman Sachs Group Inc (NYSE:GS) are trading lower Monday afternoon following cautionary commentary from Bank of America CEO Brian Moynihan regarding third-quarter dealmaking and trading activity triggered a broader sell-off across Wall Street investment banks.

• Goldman Sachs Group shares are sliding. What’s weighing on GS shares?

Bank of America Outlook Triggers Read-Through for Institutional Trading and Advisory Fees

The pressure on Goldman Sachs follows statements by the Bank of America CEO at an industry conference on Monday, warning that third-quarter sales and trading revenue will be roughly flat year-over-year, while investment banking fees are projected at $1.6 billion to $1.8 billion, down from $2 billion in third-quarter 2025.

Because Goldman Sachs maintains an industry-leading exposure to institutional equity trading, fixed-income market-making and corporate underwriting, Moynihan’s guidance sparked immediate read-through fears that Wall Street’s capital markets fee pool is contracting faster than consensus forecasts anticipated.

Unlike universal bank peers supported by massive retail deposit bases and consumer lending buffers, Goldman relies far more heavily on investment banking and market-making revenues for the vast majority of its overall profitability.

Consequently, an industry-wide chill in corporate dealmaking and underwriting hits Goldman’s bottom-line earnings power disproportionately harder, driving swift downward revisions to its near-term earnings targets.

GS Shares Slide Monday Afternoon

GS Price Action: Goldman Sachs Group shares were down 4.19% at $985.81 at the time of publication on Monday, according to Benzinga Pro data.

Image: Shutterstock