Jane Street suffered a $15 billion loss in July, its first monthly downturn in a decade, revealing that the firm has evolved beyond pure market-making into hedge fund-style directional bets. The loss rivaled historic trading blowups and amounted to roughly $650 million per trading day, far exceeding the daily loss limits seen at major banks like Goldman Sachs. Jane Street acknowledged in a recent debt offering that its strategy now includes longer-term bets, and a partner said the firm has cut risk in the areas that lost money in July. Despite the setback, Jane Street has already generated more than $40 billion of net trading revenue this year, surpassing its 2025 haul.
Goldman Sachs Group Inc
Morgan Stanley
JPMorgan Chase & Co