Goldman Sachs' Q3 Profit Skyrockets Amid Dealmaking Resurgence
Goldman Sachs' profit surged 45% in the third quarter as dealmaking activity picked up. Investment banking fees increased, though fixed income trading declined. Profits were $2.99 billion, helped by positive market shifts and exiting unprofitable ventures. The bank continues to refine its focus on core activities.
In a notable rebound, Goldman Sachs' profits leaped by 45% in the third quarter, fueled by a resurgence in dealmaking. The investment bank capitalized on renewed corporate confidence in the economic landscape, mirroring a trend seen at JPMorgan Chase.
Chief Executive Officer David Solomon highlighted the firm's robust franchise amid a favorable market setting. The bank's investment banking fees swelled by 20% to $1.87 billion, fueled by leveraged finance activities and strong investment-grade performance in debt underwriting.
While revenue from fixed income, currency, and commodities trading dipped 12%, equities trading surged by 18%. Complexities in the credit sector saw credit losses provisioned at $397 million, a notable increase from the previous year. Goldman continues to retract from its consumer initiatives, reaffirming its focus on traditional investment avenues.
(With inputs from agencies.)
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