Goldman Sachs profits more than double in second quarter as dealmaking comes back on Wall Street

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Goldman Sachs posted a massive 150% jump in its second quarter profits, helped by a general resurgence of dealmaking and underwriting that has revived investment banking after the slow down of the previous couple years

NEW YORK — Goldman Sachs is posting a massive 150% jump in second quarter profits Monday, helped by a resurgence of dealmaking and underwriting that has revived investment banking after the slow down of the previous couple years.

The New York investment bank posted net revenues of $3.04 billion, $8.62 per share, compared with $1.22 billion in the same period a year earlier. for the three months ended June 30, compared with $1.22 billion, or $3.08 per share, a year earlier.

Part of the surge in profits is Goldman Sachs had some one-time items last year as it took charges against its books for the wind down of its consumer banking business.

That said, nearly every aspect of Goldman's businesses saw revenue jump in the quarter, reflecting what has been a broad revival in dealmaking and activity on Wall Street this year in a healthy economy.

Investment banking fees rose 21%, helped by a big jump in debt underwriting fees for the bank. Many companies are having to refinance their debts to deal with higher interest rates, and there has been a surge in leveraged financing packages

Goldman's fixed income, currencies and commodities trading division had revenues up 17% from a year earlier. Equities trading was less robust than other parts of the market, with Goldman saying net revenues were up 7% in that division.

Lastly the bank's asset management division posted 27% rise in revenues, helped by more fee income and the value of Goldman's own investments.

Shares in the bank rose slightly before the opening