Goldman Sachs, Morgan Stanley profits soar as Wall Street capitalizes on 2025 deal boom

Wall Street’s dealmaking boom didn’t slow at Goldman Sachs (GS) and Morgan Stanley (MS) in the fourth quarter, with both firms capping off one of the strongest years for the investment banking business since the pandemic. Goldman reported fourth quarter net income of $4.6 billion, or $14.01 earnings per share, a 12% increase from a year ago. At Morgan Stanley, net income climbed 18% to $4.4 billion compared to the fourth quarter of last year, fueled by a 47% jump in dealmaking revenue. 2025 was a good y ...