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15 Oct 2026
Goldman Sachs Q3 2026 earnings

Goldman Sachs Posts a Blowout Quarter While Wells Fargo Stumbles

Categories Business

Goldman Sachs Q3 2026 earnings landed well above what Wall Street expected this week. The bank posted one of its strongest quarters on record, even as rivals had a mixed showing. Goldman reported diluted earnings per share of $17.01 against a consensus estimate of $13.65. Revenue came in at $18.68 billion versus the $17.03 billion analysts had penciled in. The results, released October 13, kicked off a busy stretch of big-bank reporting. They showed just how differently the top US lenders are faring three years into a trading-driven earnings cycle.

CEO David Solomon described the results as reflecting “a complicated operating environment” alongside the firm’s “second highest quarterly net revenues.” That characterization captures both the headline beat and the caveats underneath it.

Where Goldman Sachs Q3 2026 Earnings Growth Actually Came From

The quarter’s strength was concentrated in trading and wealth management, rather than traditional dealmaking. Equities revenue reached $6.44 billion, up 72% year over year, while equities financing revenue rose 96%. Advisory fees hit a record $1.65 billion. Asset and wealth management revenue climbed 14% to $5.05 billion, and assets under supervision reached a record $4.1 trillion. Goldman’s year-to-date efficiency ratio improved to 59.4% from 62.1% a year earlier. The bank is converting revenue into profit more effectively, even after absorbing a roughly $450 million charitable contribution that weighed on the bottom line. Net earnings for the quarter came to $5.29 billion, and Goldman’s official filing puts annualized return on equity at 18.7%.

Not every signal in the report was positive. Goldman’s standardized CET1 capital ratio, a core measure of financial cushioning, fell to 12.4% from 14.3% at the end of 2025. That partly reflects the pace of share buybacks: the bank repurchased 2.9 million shares at an average price of $1,048.73 during the quarter. The investment banking fee backlog also declined from the end of the second quarter, driven mainly by a softer advisory activity pipeline, even as realized advisory fees hit a record.

Goldman Sachs Q3 2026 earnings illustration

Wells Fargo Didn’t Share in the Enthusiasm

Wells Fargo’s own Q3 2026 results, reported the same week, told a less flattering story. Revenue came in at $21.87 billion, a figure that disappointed traders and sent the stock down 3% to $81.08 in early trading. JPMorgan Chase, meanwhile, landed somewhere in the middle: shares were little changed around $334.39, as the market digested results that didn’t move the needle sharply in either direction. The divergence underscores how unevenly this earnings season has rewarded different business mixes. Banks leaning hardest into trading and wealth management outperformed those more dependent on traditional lending and deposit income.

What the Market Did With the News

Goldman shares rose roughly 1% in early trading to $904.09 following the release. That move was part of a broader rally that lifted the Financial Select Sector SPDR Fund (XLF) about 1% to $55.62, even as the S&P 500-tracking SPY dipped slightly. The muted index-level reaction suggests investors treated Goldman’s beat as a company-specific story, rather than a signal for the sector as a whole, especially with Wells Fargo’s weaker print landing in the same news cycle.

What to Watch as Earnings Season Continues

The biggest US banks are now mostly past their Q3 reporting dates. Attention shifts to what the mixed results mean for the rest of the financial sector heading into year-end. Three things stand out: capital ratios under pressure from buybacks, advisory pipelines that look softer than realized fee income suggests, and a trading environment that has rewarded scale and equities exposure over traditional lending. For related coverage of how the broader markets and monetary policy backdrop are shaping this earnings cycle, see Tamara News’ reporting on the Federal Reserve’s October rate decision and the widening gap between stock market highs and consumer sentiment.

Common Questions About This Earnings Season

How much did Goldman Sachs beat earnings estimates by?
Goldman posted diluted EPS of $17.01 against a consensus estimate of $13.65, and revenue of $18.68 billion against an estimate of $17.03 billion.

What drove Goldman’s strong quarter?
Equities trading revenue up 72% year over year, record advisory fees of $1.65 billion, and asset and wealth management revenue up 14%, with assets under supervision hitting a record $4.1 trillion.

Why did Wells Fargo’s stock fall after earnings?
Wells Fargo reported Q3 2026 revenue of $21.87 billion, which disappointed traders and sent shares down 3% to $81.08.

Did JPMorgan Chase have a good or bad quarter?
JPMorgan’s stock was little changed after its report, landing between Goldman’s strong beat and Wells Fargo’s disappointing print.

Is Goldman Sachs in a weaker financial position despite the earnings beat?
Its capital cushion narrowed somewhat. The standardized CET1 ratio fell to 12.4% from 14.3% at the end of 2025, partly due to share buybacks.

Sources

14 Oct 2026
Oman free zone regulations

Oman Free Zone Regulations: What Foreign Investors Get

Categories Business

Oman has issued new Oman free zone regulations that bring its 2025 law on special economic and free zones into operation. Gulf News reported on 20 September 2026 that the Public Authority for Special Economic Zones and Free Zones (OPAZ) issued them as Resolution No. 81/2026, implementing Royal Decree No. 38/2025. For foreign founders and property investors, the rules cover ownership, residency, licensing and buyer safeguards. The report does not state an effective date, so confirm that with OPAZ.

What this covers

Ownership and capital

The underlying law lets foreign investors hold 100 percent of operators, enterprises and real estate developers, according to a KPMG Oman summary of the law. Enterprises and developers are exempt from a minimum capital requirement, subject to approvals. Developers may sell units to non-Omanis on a freehold basis. Gulf News says the new regulations let expatriates acquire freehold ownership of units in qualifying developments and cover licensing for projects and off-plan sales.

Tax and customs incentives

KPMG describes a 10-year income tax exemption from the start of commercial operations. It may be extended twice for activities of a special nature, which the executive regulations are to specify. The exemption excludes banks, financial institutions, insurers and reinsurers, telecommunications companies, construction companies, and land and maritime transport companies. Goods moving into or out of the zones are not subject to customs duties. Existing incentives and approvals for current operators stay in place until their operating periods end.

Gulf News says the new framework also covers incentives and exemptions, but its article gives no figures. Founders should read the Royal Decree text on the OPAZ website and the resolution itself rather than rely on summaries.

Licensing and residency

A digital one-stop shop is the main channel for investor services. According to Gulf News, applications for land, property, licences, approvals, permits and certificates go through it, with electronic links to government authorities. KPMG adds that a branch of the Directorate General of Passports and Civil Status will sit in each zone to issue visas, permits and clearances to non-Omanis on site.

The residency provisions apply to expatriate investors, foreign property owners and their spouses and first-degree relatives, subject to the applicable legislation. The article gives no thresholds, durations or fees, so none can be quoted here.

Buyer safeguards

For anyone buying off plan, the safeguards matter most. Gulf News reports that developers must meet financial and technical conditions before marketing units, and that withdrawals from escrow accounts are regulated. These are conditions on the developer, not guarantees to the buyer, so due diligence on the developer and the project licence is still necessary.

What is still unclear

Several points remain open. The Gulf News report gives no effective date and no numerical thresholds. KPMG notes that the law’s executive regulations were expected within one year of issuance and would set timelines, transitional rules and qualifying conditions. A hypothetical founder, such as a Nigerian entrepreneur planning a logistics or light-manufacturing business, would need to check three things before committing: which zone is open for licensing, whether the planned activity falls under an excluded sector, and what residency route applies to the founder’s family.

For comparison with other Gulf jurisdictions, read our guides to the UAE commercial companies law amendments and Saudi company registration for non-Saudi firms. Our company formation page explains the setup options we cover, and the visa eligibility checker can help with the residency side.

Oman free zone questions

Who issued the new Oman free zone regulations?

The Public Authority for Special Economic Zones and Free Zones issued them as Resolution No. 81/2026, according to Gulf News.

Can foreigners own 100 percent of a company in Oman’s free zones?

KPMG’s summary of Royal Decree 38/2025 says foreign investors may hold 100 percent of operators, enterprises and real estate developers.

Is there a tax exemption?

KPMG describes a 10-year income tax exemption from the start of commercial operations, extendable twice for special activities, with exclusions such as banks, insurers and telecoms.

Can expatriates buy freehold property?

Gulf News says the regulations let expatriates acquire freehold ownership of units in qualifying developments.

When do the regulations take effect?

The Gulf News report does not state an effective date. Check with OPAZ.

Sources

13 Oct 2026
Companies House identity verification

Companies House Identity Verification: 5 Weeks Left Before It Bites

Categories Business, Uk

Companies House identity verification becomes unavoidable for existing UK directors in about five weeks. GOV.UK says the rule became law on 18 November 2025 and started a 12-month transition period. Existing directors must verify by the time they file their next confirmation statement within that window. Sources give the end date as 17 or 18 November 2026, so plan for the earlier one.

Inside this guide

Who must complete Companies House identity verification

Directors and people with significant control (PSCs) must verify, according to the GOV.UK guidance. Law Debenture adds that LLP members are covered too and that nationality and residence do not matter. A foreign owner of a UK company is covered in the same way as a British one.

Many people have not yet acted. The Law Debenture analysis cites Companies House figures from April to June 2026. By the end of June, 55% of directors, 50% of LLP members and 42% of PSCs had told Companies House they were verified. Law Debenture reads that as roughly three in ten directors, and more than half of PSCs, still to complete the step. The firm also says it sees no sign of a significant grace period after the deadline.

Companies House identity verification applies to directors worldwide, including founders in São Paulo
Directors based overseas, such as in São Paulo, must verify too.

The first prosecutions show the risk is real

On 16 September 2026, three people appeared at City of London Magistrates’ Court, according to a GOV.UK press release of 17 September. Two acted as directors while unverified, and one was charged for not stopping that. The fines were £166, £307 and £80, plus costs and surcharges. The amounts are small, but the same release says each company also filed its confirmation statement late. The wider consequences are the real cost: Law Debenture lists filing restrictions, penalties and public marking on the register.

Four ways to verify your identity

GOV.UK lists four routes. The first is GOV.UK One Login online, which needs a photo ID such as a biometric passport from any country or a UK driving licence. The second uses UK bank or building society details with a National Insurance number. The third is in person at a Post Office, after you enter your ID details on GOV.UK. The fourth is an Authorised Corporate Service Provider (ACSP), such as an accountant or solicitor, who verifies you on your behalf.

Check your document’s validity first. GOV.UK says an expired passport cannot be used with the One Login app. After verification, you receive a Companies House personal code. Law Debenture says existing directors need it at their next confirmation statement.

If you run a UK company from outside the UK

Take a hypothetical founder, Rafael, who lives in São Paulo and owns a UK limited company through which he sells software. He holds a Brazilian biometric passport, so the One Login app can verify him in minutes. Without one, he could use an ACSP, which Law Debenture says can verify people in more than 120 countries without travel to the UK. Rafael is an illustration, not a real client.

A five-week plan before the window closes

Begin with your own record. List every director and PSC in each company you control. Next, ask each person to verify, and collect their personal codes. Then check your confirmation statement dates, because the filing is where the code is needed. Last, keep proof of each verification. If you are weighing a UK entity, see our company formation service. For Gulf rules on the same theme, read our UAE company law checklist.

This article is general information, not legal advice. Confirm your own dates on GOV.UK.

What the rule means for new appointments

The transition period only concerns existing directors. GOV.UK’s press release says newly appointed directors had to verify before acting as a director from 18 November 2025. If you plan to add a director to a UK company, verify that person first. Otherwise the new director risks acting unlawfully on day one. The same release says existing directors verify at the next confirmation statement, so check when yours falls due in the register.

Verification questions answered

Who has to verify?

Directors and people with significant control must verify. Law Debenture adds that LLP members are covered, whatever their nationality or residence.

When is the deadline?

GOV.UK describes a 12-month transition from 18 November 2025. Sources give 17 or 18 November 2026 as the end date, so aim to finish well before.

Is it free?

Law Debenture says verification through GOV.UK One Login is free. An ACSP may charge a fee, so ask first.

Can I verify without a UK passport?

Yes. GOV.UK accepts a biometric passport from any country for One Login, and the ACSP route is another option.

What happens if I do not verify?

Law Debenture lists filing restrictions, penalties and public marking on the register. Acting as an unverified director is an offence, and three people were fined in September 2026.

Sources

13 Oct 2026
Hardware cryptocurrency wallet device central to the Ledger hardware wallet implant case

Someone Hid a Chip Inside a Ledger Wallet — Now $86 Million Is Missing

Categories Business

Ledger has confirmed that a Ledger hardware wallet implant — an unauthorized component secretly added to a device — was found inside a unit belonging to one user caught up in losses now estimated above $86 million. The device was purchased through CryptoBilis, a Ledger reseller operating across Indonesia, Malaysia and the Philippines, which has suspended sales of its hardware-wallet inventory while the investigation continues.

On-chain investigator Bitquery separately estimated losses closer to $92.9 million spread across 311 wallets on five different blockchains, though that figure comes from a third party and has not been confirmed by Ledger itself. The company stressed that one confirmed implant does not establish that tampering caused every reported loss, and that the full scope of the incident remains under investigation.

How the suspected implant surfaced

Reports of unusual losses tied to CryptoBilis-sourced devices first surfaced around October 9. The story escalated the next day, October 10, when former Mt. Gox chief executive Mark Karpelès posted images of a suspicious chip he said was concealed beneath the screen of a Ledger device he had purchased in Malaysia. Binance founder Changpeng Zhao issued his own warning to Ledger users that same day, amplifying concern before Ledger itself issued a formal update.

Ledger’s October 10 statement confirmed the implant in one affected user’s device, but the company said it has found no indication that its own internal security infrastructure, systems or services were compromised. It has not confirmed whether its broader device supply chain was affected beyond the CryptoBilis channel, and it said it is working with authorities alongside the security-response group SEAL 911, which it thanked for assistance.

Circuit board close-up illustrating the hidden chip in the Ledger hardware wallet implant case

What the Ledger hardware wallet implant actually is

A hardware implant, in this context, is a small, concealed electronic component added to a device after manufacturing — physical tampering rather than a software hack. Because it sits inside the hardware itself, it can potentially intercept information a legitimate software update would never touch, which is why Ledger’s advice to affected users focuses on replacing the device entirely rather than simply updating firmware.

Ledger says it is developing additional anti-tampering measures in response, though it has not detailed what those measures will involve or when they will ship.

What Ledger is telling affected customers to do

Ledger’s guidance splits into two groups. Customers who bought a device through CryptoBilis in the 90 days before the warning and have not yet set it up are told not to begin setup at all. Those who already completed setup on such a device are advised to move their crypto holdings to a new Ledger signer using a freshly generated recovery seed, following the company’s official migration instructions rather than any third-party tool.

Ledger has also repeated a standing warning that it will never ask for a user’s 24-word recovery phrase under any circumstance, and that anyone offering “emergency help,” investigation services or fund recovery in exchange for that phrase is attempting a scam layered on top of the original incident.

What Ledger users should do next

Anyone who bought a hardware wallet through CryptoBilis in the past three months should treat the device as potentially compromised regardless of whether they have noticed anything unusual, given that a hardware implant can sit dormant and undetected. Ledger’s official support channels remain the only safe route for assistance — not search-result links, social media replies offering help, or unsolicited messages referencing the case.

Beyond this specific incident, the case is likely to renew scrutiny of hardware-wallet reseller networks generally, since the core vulnerability here was a tampered supply chain rather than a flaw in Ledger’s own design. Other hardware wallet makers selling through third-party resellers in Southeast Asia may face similar questions in the coming weeks.

Ledger implant: what you need to know

How much money has been lost?
Reports cite more than $86 million in losses, with on-chain investigator Bitquery estimating closer to $92.9 million across 311 wallets — figures Ledger has not independently confirmed in full.

Which reseller is involved?
CryptoBilis, which sells Ledger devices in Indonesia, Malaysia and the Philippines and has paused sales of its hardware-wallet stock.

Was Ledger’s own system hacked?
Ledger says it has no indication its internal infrastructure or services were compromised; the issue traces to physical tampering of devices sold through one reseller.

What should I do if I bought through CryptoBilis?
If you haven’t set up the device, don’t start now. If you already set it up, move your funds to a new Ledger device with a freshly generated recovery seed.

Will Ledger ever ask for my recovery phrase?
No. Ledger says it will never ask for your 24-word phrase, and anyone who does is attempting a scam.

Is the investigation finished?
No. Ledger describes the probe as ongoing and has not yet confirmed the full scope of affected devices.

Sources

  • The Crypto Times — Ledger Confirms Hardware Implant Amid $86M Loss Probe, Urges Users to Re-Seed. cryptotimes.io
  • KuCoin News — Ledger Confirms Unauthorized Hardware Implants in Wallets, Involving $92M in Reported Losses. kucoin.com

For related coverage, see our reports on the NoOnes shutdown and frozen user funds and the Revolut data breach.

13 Oct 2026
Wall Street facade marking the start of bank earnings season

Four of America’s Biggest Banks Report Earnings Today

Categories Business

Bank earnings season opens today, October 13, with JPMorgan Chase, Goldman Sachs, Wells Fargo and Citigroup all due to report third-quarter results. JPMorgan releases its numbers around 7:00 a.m. ET ahead of an 8:30 a.m. call, setting the tone for a reporting window that will shape how investors read the health of the US economy heading into year-end. Bank of America and Morgan Stanley follow on October 14, with U.S. Bancorp and Charles Schwab reporting October 15.

Analysts polled ahead of the releases expect JPMorgan to post earnings of roughly $5.82 to $5.84 per share on about $50.6 billion in revenue. Goldman Sachs is expected to report between $16.00 and $16.40 per share, Wells Fargo around $1.85, and Bank of America between $1.17 and $1.18 when it reports Tuesday.

Why this bank earnings season matters more than usual

The results land against an unusual economic backdrop. The Federal Reserve raised its benchmark rate to a range of 3.75% to 4.00% in September, the 10-year Treasury yield sits above 5%, and the 30-year Treasury is at its highest level in 24 years. At the same time, the US added only 29,000 jobs in September and unemployment rose to 4.2% — a combination of high rates and a cooling labour market that puts competing pressures on bank balance sheets.

Financial stocks make up roughly one-eighth of the S&P 500, so how these four banks perform against expectations — not simply whether they turn a profit — will move markets well beyond the banking sector itself.

Bank building representing the lenders reporting results as bank earnings season opens

The three numbers investors are actually watching

Net interest income is the first battleground. Higher rates generally lift what banks earn on loans, but rising deposit costs can offset much of that gain, and Wells Fargo has already guided to roughly $50 billion in net interest income for the full year. Trading and dealmaking revenue is the second. JPMorgan expects investment banking and markets revenue to rise in the mid-to-high teens percentage range from a year earlier, and Citigroup has guided to single-digit growth, building on what was already a record second quarter across Wall Street. Bank of America is the outlier, projecting investment banking fees to fall 10% to 20%.

Credit quality is the third and most closely watched figure. Slower hiring and the uptick in unemployment could push banks to set aside more money for loan losses, particularly on credit cards and auto loans — a trend that tends to show up first in consumer-facing lenders like Wells Fargo and Bank of America rather than in Goldman’s more trading-heavy book.

A bond-market risk hiding in the balance sheet

Rising Treasury yields also reduce the market value of the government bonds banks hold on their balance sheets, a risk that matters most at smaller regional banks with less diversified income but is still worth watching at the four majors reporting this week. None of the four is expected to report a loss, but any sign that bond losses are eating into capital ratios would likely draw sharp analyst questions on the earnings calls.

Wall Street has already priced in a fairly optimistic quarter, with major indexes near record highs heading into the results. That sets a high bar: strong absolute numbers that still miss elevated expectations could trigger sharp stock moves regardless of year-over-year growth.

What investors should watch this week

With JPMorgan and Goldman out first, their commentary on net interest income trends and credit provisioning will likely set expectations for Wells Fargo and Citigroup later the same day, and for Bank of America and Morgan Stanley on Thursday. Analysts will be listening closely to management guidance on 2027, since a single quarter’s beat or miss matters less to long-term stock moves than what executives say about the trajectory of rates, credit costs and trading revenue heading into next year.

U.S. Bancorp and Charles Schwab round out the week on October 15, giving a fuller picture of how regional and wealth-management-focused institutions are faring compared with the Wall Street giants that report first.

Earnings season: your questions answered

Which banks report today?
JPMorgan Chase, Goldman Sachs, Wells Fargo and Citigroup all report third-quarter results on October 13.

What is JPMorgan expected to earn?
Analysts expect roughly $5.82 to $5.84 per share on about $50.6 billion in revenue.

Why does net interest income matter so much?
It reflects the gap between what banks earn on loans and pay on deposits; higher rates can widen that gap, but rising deposit costs can erode it.

Are banks expecting more loan losses?
Slower hiring and rising unemployment are pushing some banks to set aside more for potential credit losses, especially in consumer lending.

Which banks report later in the week?
Bank of America and Morgan Stanley report October 14, followed by U.S. Bancorp and Charles Schwab on October 15.

How much of the stock market do banks represent?
Financial stocks make up about one-eighth of the S&P 500, so their results tend to move the broader market.

Sources

  • RiskStock — Bank Earnings Start October 13: A Simple Guide to What JPMorgan, Goldman and the Rest Will Tell Us. riskstock.com
  • MarketBeat — JPMorgan Chase & Co. (JPM) Q3 2026 Earnings Date, Time & Estimates. marketbeat.com

For related coverage, see our reports on the Fed’s October rate decision, the gap between stock highs and consumer sentiment, and mortgage rates hitting a three-year high.

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