Goldman Sachs' profit rose 28% in the first quarter, buoyed by a recovery in underwriting and dealmaking that boosted its investment banking unit, it reported on Monday.
Executives at rivals JPMorgan Chase and Citigroup cited improving conditions for dealmaking on Friday when the lenders reported profits that beat market expectations. The Federal Reserve has so far managed to steer the economy toward a so-called soft landing, in which it raises interest rates and tames inflation while avoiding a major downturn.
Higher fees from underwriting debt and stock offerings as well as advising on deals lifted Goldman's investment banking fees up 32% to $2.08 billion.Revenue from trading in fixed income, currencies and commodities rose 10% to $4.32 billion, helped by record financing revenue. Equities revenue also jumped 10% to $3.31 billion.
Platform solutions, the unit that houses some of Goldman's consumer operations, garnered 24% higher revenue.