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 Sachs drove $7.73 billion of investment banking revenue in 2024, up 24% from a year earlier, thanks to significantly higher revenue from debt underwriting—primarily from leveraged finance activity—and,