Goldman Sachs reports a 45% profit jump in Q3

Goldman Sachs beat estimates in the third quarter and announced a 45% rise in its profit, reaching $2.99 billion. The rebound in bond sales, mergers, and stock offerings drove the increase.

Revenue increased by 7% to $12.7 billion as the investment bank saw heightened client activity.

Bloomberg says it was the best quarter ever for the bank’s stock.

CEO David Solomon noted a surge in client interest, particularly from private equity firms, as the Federal Reserve’s recent rate cuts encourage deal-making.

Other investment banks also reported strong results, with JPMorgan Chase’s investment banking revenue rising 31%.

However, Goldman faces challenges, including losses from its exit from consumer lending, with a $415 million hit reported in the quarter.