PROFIT more than doubled at
In three months to June, profit at
The largest contribution came from investment banking, where revenue rose 21 per cent on the back of a recovery in leveraged finance and a rebound in initial public offerings (IPOs). The bank also noted that its fees backlog "increased significantly compared with the end of the first quarter of 2024".
Of all the major US banks, Goldman
Sachs is the most heavily dependent on investment banking revenue and was hit extremely hard by the recent dealmaking downturn.
Other major US banks have already posted substantial increases in revenue in recent months, with
(c) 2024 City A.M., source