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Goldman Sachs profit surges as investment banking, trading fuel bumper quarter

Goldman Sachs posted its best profit since the third quarter of 2021, driven by bankers who brought in more fees from dealmaking, debt sales and strength in trading, sending its shares up 3% before the bell.
Goldman Sachs reported a significant surge in profit for the fourth quarter of 2024, driven by a robust performance in its investment banking and trading sectors. The bank's profit increased by 51% to $2.01 billion, or $5.48 per share, surpassing Wall Street expectations. This was largely due to a 26% rise in investment banking fees, fueled by a rebound in global mergers and acquisitions, and a 23% increase in equity trading revenue. Additionally, Goldman Sachs benefited from a $529 million gain related to the sale of part of its wealth business to Creative Planning. Despite these gains, the bank's asset and wealth management division saw a 12% revenue drop, reflecting challenges in that sector. Overall, these results underscore a strong recovery in financial markets and strategic business decisions by Goldman Sachs.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/goldman-sachs-profit-surges-investment-banking-trading-fuel-bumper-quarter-2025-01-15/ ]