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Bengaluru — Goldman Sachs exceeded second-quarter profit expectations as dealmaking picked up pace and market volatility boosted the equities business to a record.Inflation risks and uncertainty over interest rates kept investors on edge, resulting in aggressive portfolio reassessment and stronger revenue from equities trading desks. Some analysts said SpaceX’s initial public offering (IPO), in which Goldman was one of the lead underwriters, may have provided an additional lift to volumes. The equities business fetched revenue of $7.42bn, surging 72% from a year ago. The fixed-income, currency and commodities business revenue jumped 32% to $4.59bn.“Momentum has accelerated throughout our businesses. Clients are turning to us to lead their most strategic and consequential transactions, which are often the genesis of activity across the franchise,” CEO David Solomon said. “We expect this flywheel of activity to continue.” Total profit for the bank was $6.63bn, or $20.98 a share, for the three months ended June 30. That compares with $3.72bn, or $10.91 a share, a year earlier. Analysts were expecting earnings of $14.48, according to data compiled by LSEG.A surge in $10bn-plus “megadeals” drove global mergers & acquisitions (M&A) volumes to record levels in the first half of 2026, according to LSEG data, helping investment banks such as Goldman, which earn fees from advising on such transactions.Goldman’s investment banking fees rose 55% to $3.4bn in the quarter, helped by higher stock and debt sales, as well as a stronger advisory arm.Corporate dealmaking remained resilient despite the turmoil in the Middle East, driven partly by companies’ efforts to expand and strengthen their AI businesses. Goldman advised on more than $1-trillion in announced M&A in the first half of 2026, marking a record pace for ‌any investment bank.Its asset and wealth management revenue rose 20% to $4.6bn, continuing its strong run. The bank has pushed for a stronger footing in the business to build a steadier earnings base and reduce its dependence on the trading and investment banking arms, which are more volatile.Goldman’s private credit fund, part of the asset and wealth management division, has so far bucked the industry’s weakness.Reuters