Goldman Dealmakers’ Bumper Quarter Counters Slump in Trading
- Revenue from advising on mergers and acquisitions gains 83%
- Trading slows from a year earlier, the height of pandemic
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Goldman Sachs Group Inc.’s investment bankers stitched together deals at a rollicking pace in the second quarter, softening the blow of a post-pandemic trading slowdown and helping earnings beat analysts’ expectations.
The 83% gain from advising on mergers and acquisitions helped Goldman’s investment-banking group post a 36% revenue increase last quarter, more than analysts had projected. That helped counter the big dropoff in trading activity from the frenzied pace a year earlier, as Covid-19 spread globally.