Goldman Sachs’ investment banking fees rose 8% in the first half of 2025, with advisory revenues up 16% and debt and equity underwriting improving. The Global Banking & Markets division is a key growth engine for the company, accounting for 69.4% of total net revenues. M&A activity has regained momentum, and Goldman maintained its leading position in announced and completed deals. The outlook for M&As and IPOs is positive for the second half of 2025, supported by regulatory shifts and investor demand. Goldman’s stock has gained 27.7% year to date, with strong earnings and sales growth expected.

In comparison, Morgan Stanley’s IB business saw modest growth of 1% in the first half of 2025, with mixed results in fixed income and equity underwriting. JPMorgan’s total IB fees grew 9%, with strong performance in advisory and debt underwriting offset by a decline in equity underwriting. Both companies remain cautiously optimistic about future performance.

Overall, Goldman’s strong position in investment banking, along with positive market trends, is driving growth and investor confidence in the company’s future prospects.

Read more at Zacks Investment Research: IPO & M&A Market Rebound: What it Means for Goldman’s IB Business – August 19, 2025