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.

JPMorgan saw its net profits rise to a record $58.5 billion from $49.6 billion in 2023, while Goldman Sachs reported profits of $14 billion for 2024, compared to $8.5 billion a year earlier.

Goldman attributed the quarter's growth to higher net revenues from all its businesses, but particularly from its Global Banking and Markets unit. In the fourth quarter, that department generated $8.48 billion in net revenues, a 33% rise from the same quarter in 2023.