NEW YORK (AP) — 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