Goldman Sachs Banking and Trading Division Notches Record Year

Core Insights - Goldman Sachs achieved record full-year revenue in its global banking and markets division and equities business, driven by volatile markets and increased M&A activity [1] - The investment banking fees backlog increased in Q4, primarily due to advisory work, reaching the highest level in four years [1] Investment Banking Performance - Investment banking fees for 2025 rose by 21% to $9.3 billion compared to the previous year, significantly boosted by higher revenue from advising on major transactions like M&A [2] - Increased revenue in debt and equity underwriting, partly due to a busy year for initial public offerings, also contributed to the rise in fees [2]