IPO & M&A Market Rebound: What it Means for Goldman's IB Business

Key Takeaways IB fees at Goldman rose 8% y/y in the first half of 2025.Advisory revenues grew 16%, with debt and equity underwriting improving.A strong M&A pipeline and IPO momentum support Goldman's IB growth.The Goldman Sachs Group, Inc. (GS) is capitalizing on the ongoing rebound in global deal-making activities. The Global Banking & Markets division, which houses its investment banking (IB) business, remains the key growth engine. The division revenues accounted for 69.4% of the total net revenues as of ...