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.

Big bank profits surged in the fourth quarter and Wall Street roared back to life, with net income rising 50% at JPMorgan Chase and more than doubling at Goldman Sachs.

Goldman Sachs drove $14.28 billion of profit in 2024, up 68% from the year earlier, reflecting gains in investment banking and trading. Fourth-quarter per-share earnings of $11.95 handily topped analysts’ estimates of $8.

Goldman Sachs posted its biggest profit since the third quarter of 2021 to beat Wall Street expectations, driven by bankers who brought in more fees from dealmaking, debt sales and strength in trading.

Goldman Sachs said its profit more than doubled in the fourth quarter, boosted by companies’ growing appetite for dealmaking. Profit jumped 105% to $4.11 billion. That amounted to $11.95 per share, which was far better than the $8.

Goldman attributed the quarter's growth to higher net revenues from all its businesses, but particularly from its Global Banking and Markets unit. In the fourth quarter, that department generated $8.48 billion in net revenues, a 33% rise from the same quarter in 2023.

JPMorgan, Wells Fargo, Goldman Sachs and Citi are kicking off earnings season on Wednesday with their December-quarter results.

Goldman Sachs reported 26 per cent growth in total investment banking revenue globally at $86.8 billion in 2024

JPMorgan saw its net profits rise to a record $58.5 billion from $49.6 billion in 2023, while Goldman Sachs reported profits of $14 billion for 2024, compared to $8.5 billion a year earlier.

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 beat Wall Street estimates and earned its biggest quarterly profit in more than three years as its investment bankers brought in more deal