Goldman Sachs posted its biggest profit since the third quarter of 2021 to beat Wall Street expectations, driven by bankers who brought in more fees from dealmaking, debt sales and strength in trading.

Big bank profits surged in the fourth quarter and Wall Street roared back to life, with net income rising 50% at JPMorgan Chase and more than doubling at Goldman Sachs.

Goldman Sachs drove $14.28 billion of profit in 2024, up 68% from the year earlier, reflecting gains in investment banking and trading. Fourth-quarter per-share earnings of $11.95 handily topped analysts’ estimates of $8.