Goldman Sachs Banking and Trading Division Notches Record Year

Investment banking fees for 2025 rose 21% to $9.3 billion from the prior year, boosted by meaningfully higher revenue from advising clients on big-ticket transactions such as M&A. Higher revenue in debt- and equity- underwriting, reflecting, in part, a busy year for companies' initial public offerings, also lifted fees. Goldman Sachs said its investment banking fees backlog rose in the fourth quarter, primarily driven by advisory work. It now has its highest backlog in four years, the company said. Goldman ...