Market volatility stemming from the conflict in the Middle East and shifting inflation expectations forced investors into aggressive portfolio adjustments, fueling record activity for the firm’s equities desk. This surge was bolstered by the high-profile IPO of SpaceX, where Goldman acted as a lead underwriter, providing a significant volume lift toward the end of the quarter. Fixed income, currency, and commodities revenue also saw a 32% increase, reaching $4.59 billion.

Investment banking fees rose 55% to $3.40 billion as mega-deals exceeding $10 billion returned to the market. Goldman advised on more than $1 trillion in announced M&A during the first half of 2026, a pace CEO David Solomon attributed to clients prioritizing strategic, consequential transactions. While peers like JPMorgan Chase and Bank of America also reported gains, Goldman’s asset and wealth management division provided additional stability, with revenue climbing 20% to $4.60 billion. Notably, the firm’s private credit fund avoided the redemption pressures currently affecting other industry players, reporting repurchase requests well below its 5% threshold.