CompetitorsNarrow moat

Goldman Sachs (GS) — moat facet

Goldman beats its peers in the league tables, and the market still pays more for the rival that chose wealth.

Goldman names its competitors by measuring itself against them. Its peer group for wallet share is Morgan Stanley, JPMorgan, Bank of America, Citigroup, Barclays, Deutsche Bank, UBS and, through 2022, Credit Suisse1. Against that group it reports a gain of 350 basis points of wallet share in Global Banking & Markets since 20192.

Dealogic rankings, first half 2026Announced and completed M&A#1Equity and equity-related#1Leveraged lending#1High-yield debt#2Goldman Sachs Q2 2026 earnings presentation (Dealogic, 1 Jan to 30 Jun 2026)
First in three of four tables.

The ranking results are strong. For the first half of 2026 Dealogic ranked Goldman first in announced and completed M&A, equity and equity-related offerings and leveraged lending, and second in high-yield debt3. It has led advisory by revenue share for 23 years4.

The four pages below are four different kinds of relationship. Morgan Stanley is the head-on rival that chose a different model and is worth more for it. JPMorgan is a universal bank with a deposit base Goldman lacks, and also the buyer of the Apple Card business Goldman is leaving. The private-fund managers are rivals for investors and clients of the trading floor. T. Rowe Price is a rival Goldman chose to invest in.

One peer is no longer on the list: Credit Suisse, counted only through 20225. Some of the share gained since 2019 was won against a peer group that lost a member.

Goldman's forward price-earnings ratio was 13.76 on 25 September 2026, below its trailing 14.476, so analysts expect earnings to keep rising. The Morgan Stanley and JPMorgan pages in this app set out their own positions; this page is about how each one relates to Goldman.

The market has already rewarded Goldman's gains. Its market value rose about 47% during 2025, to $263.64 billion7. The question for the contest is whether the rise priced the share gains or the trading boom.

The market's verdict on the contest is in the valuation. On 25 September 2026 Morgan Stanley was worth $308.32 billion and Goldman $283.22 billion8. If Goldman's market value passed Morgan Stanley's while its asset business kept growing, the market would be saying Goldman's mix now deserved the same multiple.

Moat trajectory: Holding steady

+350bp wallet share since 2019; market value below Morgan Stanley's.

The number that tests this moat
Reported
Market value relative to Morgan Stanley
$283.2bn vs $308.3bn (25 September 2026)

The market's verdict on the two models; Goldman moving above would mean its mix had earned the same multiple.

Source: GS market cap history (stockanalysis) ↗
Dig deeper
DIG DEEPER 01
Morgan Stanley: The Rival That Chose Wealth
Morgan Stanley took the wealth road and the market pays it more, while Goldman is trying to close the gap through private funds instead.
DIG DEEPER 02
JPMorgan: The Universal Bank Across the Table
JPMorgan fights Goldman in banking with five times the deposits, and is also the buyer taking Goldman's credit card business away.
DIG DEEPER 03
The Alternatives Managers: Rivals for Capital, Clients for Financing
Goldman raises money against the private-fund giants and lends to them from its trading floor, and so far each role helps the other.
DIG DEEPER 04
T. Rowe Price: The Rival Goldman Invested In
Goldman chose to buy into a rival fund manager rather than fight it, to reach savers it cannot reach itself.
References
  1. ReportedIts peer group for wallet share is Morgan Stanley, JPMorgan, Bank of America, Citigroup, Barclays, Deutsche Bank, UBS and, through 2022, Credit Suisse.
    Goldman Sachs fourth-quarter 2025 earnings presentation and strategy update, Form 8-K exhibit 99.2 - league tables, wallet share and client rankings. — FY2025 · publ. 15 January 2026 · source ↗
  2. ReportedAgainst that group it reports a gain of 350 basis points of wallet share in Global Banking & Markets since 2019.
    Goldman Sachs fourth-quarter 2025 earnings presentation and strategy update, Form 8-K exhibit 99.2 - Asset & Wealth Management: alternatives fundraising, fees, wealth, mandates and historical principal investments. — FY2025 · publ. 15 January 2026 · source ↗
  3. ReportedFor the first half of 2026 Dealogic ranked Goldman first in announced and completed M&A, equity and equity-related offerings and leveraged lending, and second in high-yield debt.
    Goldman Sachs second-quarter 2026 earnings presentation, Form 8-K exhibit 99.2 - ROE, ROTE, efficiency ratio, Dealogic rankings, AUS by channel, alternatives fundraising and wealth figures. — Q2 2026 · publ. 14 July 2026 · source ↗
  4. ReportedIt has led advisory by revenue share for 23 years.
    Goldman Sachs fourth-quarter 2025 earnings presentation and strategy update, Form 8-K exhibit 99.2 - Global Banking & Markets: league tables, wallet share, clients, financing and intermediation. — FY2025 · publ. 15 January 2026 · source ↗
  5. ReportedOne peer is no longer on the list: Credit Suisse, counted only through 2022.
    Goldman Sachs fourth-quarter 2025 earnings presentation and strategy update, Form 8-K exhibit 99.2 - league tables, wallet share and client rankings. — FY2025 · publ. 15 January 2026 · source ↗
  6. ReportedGoldman's forward price-earnings ratio was 13.76 on 25 September 2026, below its trailing 14.47, so analysts expect earnings to keep rising.
    Goldman Sachs (GS) market data - $935.45 at the close on 25 September 2026, market value $283.22 billion, trailing P/E 14.47, forward P/E 13.76, 52-week range $740.01-$1,153.99, dividend $20.00 (2.14%), analyst target $1,141.65, IPO on 3 May 1999. — September 2026 · publ. 25 September 2026 · source ↗
  7. ReportedIts market value rose about 47% during 2025, to $263.64 billion.
    Goldman Sachs market capitalisation history - $283.22 billion on 25 September 2026, calendar year-end values 2015-2025, and Morgan Stanley at $308.32 billion. — 2015-2026 · publ. September 2026 · source ↗
  8. ReportedOn 25 September 2026 Morgan Stanley was worth $308.32 billion and Goldman $283.22 billion.
    Goldman Sachs market capitalisation history - $283.22 billion on 25 September 2026, calendar year-end values 2015-2025, and Morgan Stanley at $308.32 billion. — 2015-2026 · publ. September 2026 · source ↗
Sources
Generated September 28, 2026