Goldman Sachs profits more than double in second quarter as dealmaking comes back on Wall Street
![The Goldman Sachs headquarters in New York is shown on...](/_next/image?url=https%3A%2F%2Fcdn.newsday.com%2Fimage-service%2Fversion%2Fc%3AYWRkMzViMzYtY2QyZS00%3AMzYtY2QyZS00ODYyMTM3%2Fearns-goldman-sachs.jpeg%3Ff%3DLandscape%2B16%253A9%26w%3D770%26q%3D1&w=1920&q=80)
The Goldman Sachs headquarters in New York is shown on Jan. 24, 2023. Goldman Sachs reports earnings on Monday, July 15, 2024. Credit: AP/Peter Morgan
NEW YORK — Goldman Sachs is posting a 150% jump in second quarter profits Monday, helped by a resurgence of dealmaking and underwriting that has revived investment banking after the slowdown of the previous couple years.
The New York investment bank posted net earnings of $3.04 billion, $8.62 per share, compared with $1.22 billion in the same period a year earlier. For the three months ended June 30, compared with $1.22 billion, or $3.08 per share, a year earlier.
Part of the surge in profits came from Goldman Sachs booking some one-time items last year as it took charges for the wind-down of its consumer banking business.
That said, nearly every aspect of Goldman's businesses saw revenue jump in the quarter, reflecting what has been a broad revival in dealmaking and activity on Wall Street this year in a healthy economy.
Investment banking fees rose 21%, helped by a big jump in debt underwriting fees for the bank. Many companies are having to refinance their debts to deal with higher interest rates, and there has been a surge in leveraged financing packages
Goldman's fixed income, currencies and commodities trading division had revenues up 17% from a year earlier. Equities trading was less robust than other parts of the market, with Goldman saying net revenues were up 7% in that division.
Lastly the bank's asset-management division posted 27% rise in revenues, helped by more fee income and the value of Goldman's own investments.
Shares in Goldman Sachs Group Inc. ended Monday up $12.35, or 2.6%, at $492.23.
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