Four Big US Banks Miss on Bond Trading as Rate Volatility Hit Clients

Four large US banks posted weaker-than-expected Q3 2026 bond-trading revenue as rate volatility sidelined clients, per October earnings reports. Morgan Stanley's fixed-income trading revenue fell 7% year-over-year, Bank of America's sales and trading fell 5% to $5.1 billion. For savers, choppy rates can mean bumpier bank earnings but not necessarily lower deposit rates.