Goldman Sachs Soars with 45% Profit Boost Amid Bond Sale Surge

Goldman Sachs' third-quarter profits surged by 45%, driven by a rise in bond sales, stock offerings, and corporate confidence, resulting in a 3% jump in share value. Despite setbacks in credit losses, the bank's pivot to investment banking and trading has proven fruitful, with significant growth in asset and wealth management.

Goldman Sachs has reported a substantial 45% increase in its third-quarter profit, largely attributed to the resurgence of bond sales, stock offerings, and mergers. This financial triumph has propelled the bank's shares up by more than 3% in premarket trading.

The bank's CEO, David Solomon, highlighted the 'strength of our world-class franchise' amid an improving economic climate. Solid growth in U.S. jobs and wages has fortified the economy, while the Federal Reserve's interest rate cuts have further motivated corporate clients to engage in deal-making.

However, Goldman faced challenges, including $397 million in credit loss provisions, influenced by increased charge-offs in its credit card portfolio. Despite this, the shift back to investment banking and trading yielded positive outcomes, noted in the bank's jump in asset and wealth management revenue.

(With inputs from agencies.)