Goldman Sachs Equity Trading Desk Shatters Wall Street Revenue Record

Goldman Sachs Group Inc. delivered a blockbuster finish to last year, shattering expectations for equities-trading revenue and setting a new all-time record on Wall Street. In the final quarter of the year, the bank generated $4.31 billion from equities trading, surpassing forecasts and marking the highest quarterly total ever recorded by any major bank.

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That figure eclipsed Goldman’s own previous record, which it set just months earlier in the second quarter of 2025. Alongside the standout trading performance, the firm announced an increase in its quarterly dividend to $4.50 per share, underscoring management’s confidence in the bank’s earnings power and capital position.

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The results highlight how Goldman has sharpened its trading operations while steadily rebuilding momentum in investment banking under Chief Executive Officer David Solomon. After a turbulent stretch driven largely by an ill-fated expansion into consumer banking, Solomon has reasserted strategic discipline, refocusing the firm on its traditional strengths and restoring investor confidence.

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Goldman is among the final major US banks to report fourth-quarter earnings this season. Its results follow reports earlier in the week from JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., and Wells Fargo & Co., allowing investors to more clearly compare performance across the industry.

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Beyond trading, Goldman also delivered strong results in its asset- and wealth-management business, prompting the firm to raise its long-term financial targets for the division. The unit posted a quarterly record for management fees, reflecting both market gains and expanding client assets. Goldman now aims for a pretax margin of 30% over the medium term, up from the mid-20% range, while targeting returns in the high teens compared with previous expectations in the mid-teens.

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On a full-year basis, Goldman reported net revenue of $58.3 billion for 2025, making it the firm’s second-strongest year on record. Absent a multibillion-dollar accounting impact tied to the sale of its Apple Card portfolio to JPMorgan Chase, the year would have set a new revenue record for the bank.

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Investment banking also contributed meaningfully to the strong quarter. Fees reached $2.58 billion, representing Goldman’s best fourth-quarter performance in that business and comfortably exceeding analysts’ consensus estimates compiled. The results point to a gradual recovery in dealmaking activity, as capital markets stabilize and corporate clients regain confidence.

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Goldman’s wealth and asset-management division, led by Marc Nachmann, continues to grow through an aggressive acquisition strategy. Recent deals include the purchase of exchange-traded fund provider Innovator Capital and venture capital firm Industry Ventures. These acquisitions are designed to broaden Goldman’s product offerings, deepen client relationships, and diversify revenue streams beyond traditional investment banking and trading.

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Management has consistently emphasized the importance of this division as a stabilizing force within the firm. Unlike trading and dealmaking, which can swing sharply with market conditions, asset and wealth management generate more predictable, recurring revenue. Goldman has positioned the unit as a counterbalance to the inherent volatility of its core businesses, particularly during periods of market uncertainty.

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The latest results suggest that strategy is gaining traction. Strong fee growth, expanding margins, and rising returns are reinforcing Goldman’s push to scale its asset and wealth platform into a more durable earnings engine. Combined with a revitalized trading operation and improving investment-banking momentum, the firm appears to be firing on multiple cylinders.

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For investors, Goldman’s performance offers a clear message: the bank has emerged from its recent strategic missteps with renewed focus and financial strength. Record-breaking equities trading, disciplined cost management, and a growing base of recurring revenue have helped reposition the firm for sustained profitability.

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As Wall Street navigates an environment shaped by shifting interest-rate expectations, uneven economic growth, and evolving capital markets, Goldman’s results stand out. The firm’s ability to outperform peers in trading, regain ground in investment banking, and build a more balanced business mix suggests it is well-equipped to handle both market volatility and long-term structural change.

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