Goldman Sachs’s investment banking fees jumped 42% in the third quarter, fuelled by a big rebound in M&A as executives have become more bullish on dealmaking.

The Wall Street firm posted $2.7bn in investment banking fees during the period, with M&A revenue surging 60% compared with the same period in 2024, to $1.4bn. These numbers were ahead of analyst expectations and signal a dealmaking market that plays to Goldman’s strength in M&A.