Its profit attributable to common shareholders rises to US$4.4 billion in Q4, from US$3.9 billion a year before
[BENGALURU/NEW YORK] Goldman Sachs’ profit rose in the fourth quarter, fuelled by dealmaking, stronger trading revenues in a turbulent market and a one-time gain from exiting its credit card partnership with Apple.
The bank’s equity traders capitalised on volatility and a broader rally in the US market, as investors speculated on the US Federal Reserve’s interest-rate path and the prospects for artificial intelligence (AI) companies.
Goldman’s equity revenue rose to US$4.3 billion, up from US$3.5 billion the year before, while trading revenue for fixed income, currencies and commodities climbed 12.5 per cent to US$3.1 billion.
The bank struck a deal with JPMorgan Chase to take over its Apple Card partnership, and Goldman expected a US$0.46 per share increase in its results due to the exit.
Its profit attributable to common shareholders rose to US$4.4 billion in the fourth quarter, or US$14.01 per share, against US$3.9 billion, or US$11.95 per share, a year before.
Unwinding consumer business
Shedding the Apple Card is the bank’s latest big step away from its ill-fated consumer business. The exit comes as other lenders are expressing concerns about US President Donald Trump’s proposal to cap credit card interest rates at 10 per cent.
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Goldman’s earnings also got a lift from the release of US$2.5 billion from its stockpiles, to cover loan losses from the card. From the transaction, financial services firm Morningstar estimated that the bank would gain US$145 million.
Strong mergers and acquisitions market
A friendlier regulatory environment under Trump, lower interest rates and excess cash have led companies to pursue more deals. Goldman’s fees from investment banking rose 25 per cent to US$2.6 billion from a year earlier.
The investment bank advised on some large mergers in 2025, including the US$56.5 billion leveraged buyout of Electronic Arts, and Alphabet’s US$32 billion acquisition of cloud security firm Wiz.
These outsized deals helped it to secure the top spot once again for global mergers and acquisitions (M&A) in 2025, with the bank advising on US$1.5 trillion in total volume of deals, and raking in US$4.6 billion in fees.
Top dealmakers expect the rally in mergers – which climbed near record levels in 2025 -– to continue this year as large AI investments fuel more tech deals.
Global M&A volumes swelled to US$5.1 trillion in 2025, up 42 per cent from 2024, indicated data from financial services company Dealogic. REUTERS
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